The average price is up 23.3% from September 2020.
Incentive spending is down which impacts the final price.
Once upon a time, Chevrolet was meant to cater to budget-conscious buyers. Out of all of GM’s multiple brands, it offered some of the most affordable vehicles, not only from the automotive giant but on the market. This is no longer the case as the average transaction price has now surpassed $50,000.
The current automotive mess explains in large part why this is. It is important to note that the average new car transaction price shot past $45,000 last month in the US due to the ongoing global parts shortages. This is keeping inventories low while demand for new vehicles continues to be strong. This hunger for more cars has enabled GM and Chevrolet to cut back on incentives meaning that real deals are few and far apart. And this is not taking into consideration dealer markups.
Another important factor is that midsize SUVs and full-size trucks are enjoying large market-share gains. Compared to the typical sedan or a compact SUV, trucks and large SUVs are far pricier. Chevrolet also has another product that remains extremely hot: the C8 Corvette. According to GMAuthority, its average transaction price this past September was $89,788.
“With the ongoing inventory challenges that auto manufacturers are facing across the board, coupled with historically low incentive spending, car shoppers end up being the ones paying the price, quite literally,” Kayla Reynolds, an analyst for KBB’s sister company, Cox Automotive, observed in September. “New-car prices just continue to climb, month after month.”
