DETROIT -- Chevrolet and GMC dealers wondering when General Motors will fully open the incentives spigot on its outgoing full-sized pickups might be waiting awhile.
Even as the first redesigned 2014 Chevrolet Silverado and GMC Sierra hit showrooms, GM is commanding higher prices and dangling smaller incentives for the outgoing trucks, which have been on the market since 2006.
In May, average transaction prices on the pickups were up $1,500 vs. a year ago, to $34,700, while incentives dropped by $300, GM said, citing data from J.D. Power and Associates.
For more than a year, dealers and industry experts have predicted that GM would slash prices to clear 2013 pickups from dealership lots. They've pointed to GM's relatively bloated pickup inventory, which has hovered above a 100-day supply for much of the past two years.
But GM's changeover to a new truck comes just as a rebounding economy, hot housing market and pent-up demand stoke truck sales industrywide. That means GM will be able to hold pricing on the lame-duck models better than it normally would, analysts say.
Through May, pickups accounted for 11.8 percent of total industry sales, up from 10.5 percent a year earlier, according to the Automotive News Data Center. Combined sales of the Silverado and Sierra rose 22 percent, to 270,392.
That has helped GM trim its full-sized pickup inventory to 220,466 units, or a 93-day supply as of May 31. That's down from 245,853 units, or a 139-day supply, as recently as Nov. 30.
The strong pickup market "might allow you to use the price lever a lot less than you've had to" on past-model sell-downs, Bank of America analyst John Murphy told GM executives during a conference call last week.