Chevrolet eyes cheaper V8 Camaro to compete with Mustang and Challenger
Automakers often fall into the same trap when it comes to their cars and trucks. They introduce something at a good price, consumers respond well, and sales grow. Eventually the manufacturer thinks a premium will be supported by the market, prices increase, and as time goes by shoppers gravitate towards the competition in part because of lower prices. GM is seeing the writing on the wall and according to GM product chief Mark Reuss Chevy is ready to reassess its pricing on the Camaro.
According to Reuss, GM is looking at pricing changes for some trim and build options for the Camaro in an attempt to increase sales and gain market share from Ford and Dodge. Reuss said at the unveiling of Chevy's new NASCAR Camaro ZL1, "I think we've got opportunities at the very low end of the Camaro range and some remix of some of the V-8 options on it so we don't force people to buy all the options with a V-8, just to get a V-8."
Reuss stopped short of giving up any details on the timeframe GM might be making these pricing changes, or even if the changes would be made for sure. What is for sure is that pricing for muscle cars like the Camaro, Mustang, and Challenger have been creeping up putting them out of reach for some buyers who are interested. The 2018 Camaro starts at $26,900 with the base 2.0L turbo four engine. Buyers who want a V6 instead will cough up an extra $1,495 for a starting price of $28,395.
The 2017 Mustang with a V6 engine starts at $26,085 and the Challenger with a V6 starts at $28,090 both undercutting the base price for the V6 Camaro. If you step up to V8 power on any of the cars, the starting price jumps significantly. The Camaro SS with V8 starts at $38,000. This is about $4,000 more than the starting price for base V8 Mustang and Challenger models each starting at about $34,100.
The base price difference of about $4,000 could add up to around an extra $100 monthly to drive the Camaro compared to the Mustang or Challenger. Camaro sales were down 2.5% in July with 41,280 units sold. The Mustang saw a larger sales decline to the tune of 30% for the same month, but it still outsold the Camaro with 50,814 units. The Challenger saw a 2.6% increase to 41,243 units for July. A cheaper V8 Camaro SS could be just what GM needs to woo buyers from the Mustang and Challenger. if you are wondering, the hottest of Camaro models is the 2017 ZL1 and that 650hp beast starts at $62,135.
SOURCE: AutoNews