The 2023 Chevy Colorado Struggles Against Declining Sales
It looks like things are going in the wrong direction for the Chevrolet Colorado. We hope this remodeled truck turns things around because we enjoyed having the Z71 model for a week. Let’s see why the 2023 Chevy Colorado faces declining sales.
Why are 2023 Chevy Colorado sales decreasing?
The numbers are in, but they aren’t in favor of the 2023 Chevy Colorado. The Colorado isn’t alone because most midsize trucks recently experienced a 20% decrease in sales. Only the Toyota Tacoma and Honda Ridgeline were able to grow.
During the first half of 2022, the Colorado sold 44,190 units, but it only managed to sell 33,165 models during the first half of 2023. This represents a 24.9% decline in sales year over year, but it’s not making sense.
The 2023 Colorado is brand new with updated tech, more comfort, and extra power. We drove it and enjoyed the upgrades. We totally expected sales to increase.
However, we learned that the Colorado is facing a few shipping delays. With the best-case scenario, a new Colorado can be built and shipped in about 10 weeks. But most people are waiting roughly six months or more.
Models equipped with the Turbo Plus and Turbo High Output engines were supposed to start shipping on March 13, but that date was pushed back. The EPA needed to provide an official fuel economy rating before they could be moved.
Once the ratings were released, the trucks were sent on their way in mid-February. This delay led to decreased inventory levels and may have contributed to lower sales.
Which 2023 Colorado engine is best?
The 2023 Chevy Colorado has one engine with three different output levels. The turbocharged 2.7-liter four-cylinder engine cranks out 237 hp and 260 lb-ft of torque. It’s in the standard WT and LT models and is called the 2.7 Turbo.
With the outgoing model, the V6 engine provides 200 hp and 191 lb-ft of torque. So this is a solid power increase, but the Colorado can only tow up to 3,500 lbs with this variant. For months, this was the only engine available.
Moving up to the 2.7 Turbo Plus gets you 310 hp and 391 lb-ft of torque. It’s standard in the Trail Boss and Z71 models. Also, with this engine, the Colorado can tow up to 7,700 lbs, making it a much more capable work truck.
With the Turbo High Output engine, you get 310 hp and 430 lb-ft of torque. It’s standard with the ZR2 trim, but you can add it to the Turbo Plus models. For $395, dealerships will flash the engine to provide extra torque.
How much does the 2023 Colorado cost?
The 2023 Chevy Colorado has an MSRP of $29,200 before the $1,495 destination fee takes the price up to $30,695. To get more engine power, you need to move up to the Trail Boss model, which starts at $37,000 before the destination fee is added.
So, it costs $7,800 for extra juice, and that feels pretty steep. Also, the top-spec ZR2 trim starts at $46,800. That’s not bad for a loaded off-roading truck. If we had to guess, then the ZR2 Bison will cost over $50,000.
Prices are on par with rivals. The Toyota Tacoma TRD Pro starts at $47,185. We don’t think the Colorado’s price is impacting sales, but maybe the shipping delays played a role. Stay tuned for our upcoming 2023 Colorado review.