Buy 2023 1500 LT, or wait for 2024?

[Baker17]

Hi all, Im currently looking to buy a new 1500 LT 2.7, and I've noticed that there aren't a lot in stock, but the few there are are selling for about $7-8k below MSRP. Is this historically (excepting pandemic) a good deal? This is my first time buying a truck so I don't really know what the truck market usually looks like. I'm not sure if the discounts are largely due to 2024 model coming out soon, or due to market returning to pre-pandemic levels. Trying to see if it makes sense to buy now, or wait for 2024 and expect at least some discounts on that as well.

Edited August 24, 2023 by Baker17

[newdude]

13 minutes ago, Baker17 said:

Hi all, Im currently looking to buy a new 1500 LT 2.7, and I've noticed that there aren't a lot in stock, but the few there are are selling for about $7-8k below MSRP. Is this historically (excepting pandemic) a good deal? This is my first time buying a truck so I don't really know what the truck market usually looks like. I'm not sure if the discounts are largely due to 2024 model coming out soon, or due to market returning to pre-pandemic levels. Trying to see if it makes sense to buy now, or wait for 2024 and expect at least some discounts on that as well.

 

 

If you are seeing $7-8k off, that's about it, assuming all the money off you qualify for.  Some places will stack on all sorts of discounts but you don't always get all of them.  Not going to find the $10-12k off deals like 4 years ago. 

 

If you are buying and planning to keep for more than 3-5 years, the only reason I could really see waiting for a 2024 would be the 2.7 gets the same length powertrain warranty as the 3.0 Duramax, 5yr/100k.  The V8s are still 5yr/60k.  Also, the 2024 2.7 gets a 2nd generation 8 speed, the 8L80.  Has some improvements to (hopefully) fix some prior normal concerns over the current 8 speed.  I can say on my 2022 refresh 2.7 HO, my transmission has given me zero issues or concerns.  

 

 

[Baker17]

35 minutes ago, newdude said:

Also, the 2024 2.7 gets a 2nd generation 8 speed, the 8L80.  Has some improvements to (hopefully) fix some prior normal concerns over the current 8 speed.  I can say on my 2022 refresh 2.7 HO, my transmission has given me zero issues or concerns.  

 

 

 

Ah, I had no idea the 24 model gets a different 8 speed transmission than the 23. Do you know if the transmission on the 23 the same one that's apparently had issues few years ago? I've heard some mentions online of older 8 speed transmission being not great.

[Phantom 4D]

1 hour ago, Baker17 said:

Hi all, Im currently looking to buy a new 1500 LT 2.7, and I've noticed that there aren't a lot in stock, but the few there are are selling for about $7-8k below MSRP. Is this historically (excepting pandemic) a good deal? This is my first time buying a truck so I don't really know what the truck market usually looks like. I'm not sure if the discounts are largely due to 2024 model coming out soon, or due to market returning to pre-pandemic levels. Trying to see if it makes sense to buy now, or wait for 2024 and expect at least some discounts on that as well.

Watch out for all the add ons that  will bring those low prices back up. Dealer add ons like paint protection, bed liner, wheel and tire protection and a host of others. If you didn't ask for them, and don't want them, don't pay for them. 

[newdude]

1 hour ago, Baker17 said:

 

Ah, I had no idea the 24 model gets a different 8 speed transmission than the 23. Do you know if the transmission on the 23 the same one that's apparently had issues few years ago? I've heard some mentions online of older 8 speed transmission being not great.

 

 

The one in 2023 trucks is related to those ones, yes.  Anything after 2022 they seem to be pretty good units though.  The 1-2 hard shift is still there, supposedly fixed on the gen 2 8 speed for 2024.

 

As far as a boots on the ground approach of the 8 speed, so far the most common repair we've made on 2016-2020 units is the fluid swap to the latest fluid to fix the shudder.  We've had maybe 2 get a torque converter, and 2 apart on a bench for repairs.  Obviously this can vary across the US, but that's what I've seen.  

Edited August 24, 2023 by newdude

[BIGDOGx]

This is no longer a sellers market and i doubt it ever will be again. If you go to a dealer and they tell you times are great and this is the best they can do, walk because it is not and literally dealership Armageddon is not far off. As of august average new car finance rates are now over 9%, used is over 13%!

 

Imo we will see those incentives doubled within the next year, of course on left over models but imo that's when you want to get something. Problem is those finance rates, i could see them heading towards double digits for new. I remember getting laughed at here not even a year ago when i said incentives will not only come back like before with constant 12-16k off msrp on upper trims, but i think they will touch 20k with how bloated prices have become now. Either that or dealers will spend thousands of dollars to have them sit like statues on the lot because nearly no one will be able to afford them at these interest rates.

[KARNUT]

43 minutes ago, BIGDOGx said:

This is no longer a sellers market and i doubt it ever will be again. If you go to a dealer and they tell you times are great and this is the best they can do, walk because it is not and literally dealership Armageddon is not far off. As of august average new car finance rates are now over 9%, used is over 13%!

 

Imo we will see those incentives doubled within the next year, of course on left over models but imo that's when you want to get something. Problem is those finance rates, i could see them heading towards double digits for new. I remember getting laughed at here not even a year ago when i said incentives will not only come back like before with constant 12-16k off msrp on upper trims, but i think they will touch 20k with how bloated prices have become now. Either that or dealers will spend thousands of dollars to have them sit like statues on the lot because nearly no one will be able to afford them at these interest rates.

On Fords and Rams around me discount are over 10K and interest rates are going lower as well as deferred payments. One GM dealer is advising trucks at 38K. 

[Bikerjon]

1 hour ago, newdude said:

 

 

The one in 2023 trucks is related to those ones, yes.  Anything after 2022 they seem to be pretty good units though.  The 1-2 hard shift is still there, supposedly fixed on the gen 2 8 speed for 2024.

 

As far as a boots on the ground approach of the 8 speed, so far the most common repair we've made on 2016-2020 units is the fluid swap to the latest fluid to fix the shudder.  We've had maybe 2 get a torque converter, and 2 apart on a bench for repairs.  Obviously this can vary across the US, but that's what I've seen.  

I will chime in. On my last 2021 Trail Boss I got $1500.00 off MSRP. That was when you could not get new Silverados. Some people were waiting 8 months or cancelling their orders. I did get a ton of money for my trade though. Buying trucks has always been about how much you pay vs how much you get for your trade (for me personally). I just got a flyer from Chevrolet advertising 1.9% or $5000.00 off and $2500.00 trade assistance on a new truck with the 2.7 Turbomax. That seems like a damn good deal to me. I just made a deal for a new Trail Boss Custom with a 5.3 V8 and I got a killer deal. IMHO I would buy the 2023.

 

Hey newdude how do I tell the difference between 2023 and 2024 on my new Trail Boss? Is it just the build date?

[newdude]

1 hour ago, Bikerjon said:

 

 

Hey newdude how do I tell the difference between 2023 and 2024 on my new Trail Boss? Is it just the build date?

 

 

VIN number will always identify the model year of the vehicle.  10th digit is the model year.  2023 = P, 2024 = R.  

 

No major features changed really for 2024.  https://www.gmfleetorderguide.com/NASApp/domestic/newfeatures.jsp?year=2024&regionID=1&lang=1&divisionID=1&vehicleID=22683

Edited August 24, 2023 by newdude

[dieselfan1]

If you got an excellent credit score you won't be paying 9% interest.  

I got 3.9 on my 23 High Country my score was 815.

[silveradosid]

my dealership has a least 20 new 2023's on the lot, lowest price is 73k and up to 90k for a zr2. they keep bugging me to trade my 2020 in and i tell them no. trucks are going to drop in price because they are not selling in my area. they have not sold one truck in over a month and i think it's the interest rates that is causing it and over priced trucks.

[Dunn]

On 8/24/2023 at 2:15 PM, Bikerjon said:

I will chime in. On my last 2021 Trail Boss I got $1500.00 off MSRP. That was when you could not get new Silverados. Some people were waiting 8 months or cancelling their orders. I did get a ton of money for my trade though. Buying trucks has always been about how much you pay vs how much you get for your trade (for me personally). I just got a flyer from Chevrolet advertising 1.9% or $5000.00 off and $2500.00 trade assistance on a new truck with the 2.7 Turbomax. That seems like a damn good deal to me. I just made a deal for a new Trail Boss Custom with a 5.3 V8 and I got a killer deal. IMHO I would buy the 2023.

 

Hey newdude how do I tell the difference between 2023 and 2024 on my new Trail Boss? Is it just the build date?

This is exactly correct....it is total purchase everything imcluded......during pandemic I bought 7 and sold 6 personal trucks....never been able to do so b4

 

Interest rate is the kicker

 

Package the whole deal together and if it makes sense do it...inquire to multiple dealerships as well......be surprised how different the pricing can be

Edited August 26, 2023 by Dunn

[Dunn]

On 8/24/2023 at 3:53 PM, dieselfan1 said:

If you got an excellent credit score you won't be paying 9% interest.  

I got 3.9 on my 23 High Country my score was 815.

I got same rate on my 2500 High Country, am around 780ish on Fico Auto 8.

 

If I didn't get that rate I wouldn't have purchased....both my C.U. were close to 6%

[redwngr]

Changes for 2024 1500:

 

Chevrolet Truck Silverado 1500

Deletions

     (GA0) Northsky Blue Metallic exterior paint
     (GLT) Sand Dune Metallic exterior paint

New Features

     (GXP) Lakeshore Blue Metallic exterior paint
     (GNO) Slate Gray Metallic exterior paint
     (UH5) Rear Seat Belt Indicator
     (NPP) Active Exhaust, Dual, sport-mode enabled
     (B3L) Assist steps, power retractable, Black, includes LED lighting
     (CWK) Dark Appearance Package

Changes

     (LZ0) 3.0L Turbo-Diesel engine now available on ZR2
     (PPW) Phone projection now standard on WT
     (UE1) OnStar now standard on WT
     (PQA) WT Safety Package now includes (UD5) Front and Rear Park Assist
     (PQB) Safety Package now includes (UD5) Front and Rear Park Assist
     (WJP) Midnight Edition now available on High Country
     (KSG) Adaptive Cruise Control now standard on High Country

[Dunn]

So LED is std on every truck?