April saw a continuation of trends from March with inventory levels effectively flat (up 0.005%) from March and year-over-year levels remaining positive compared to heavily impacted 2021 COVID levels.
Flat inventory levels led to another slight decline in the average listing price, with values falling 2.6% from March. However, while recent price declines are welcome, they remain significantly elevated from last year, with prices up 29.5% year-over-year.
Even as inventory levels remained flat, vehicles continued to sit for less time compared to last year. Average days-on-market was down 25% compared to 2021, showing that there’s still some churn underneath the surface despite steady topline inventory levels.
While it appears we could be reaching an inflection point to a post-COVID vehicle market, the ongoing uncertainty regarding supply chains could create further disruption in the coming months.
To learn more about the trends impacting vehicle inventory, download the April 2022 edition of the CarGurus UK Vehicle Availability Index & Insights Report.