The start of the year offered some surprises to the used vehicle market in the UK, with inventory levels in January dropping further than seasonal norms. Looking at the raw data, it appears there was an increase in interest for vehicles priced under £20k, but particularly in the sub £15k range. This drop in January inventory led to a decrease of 13.5% MoM and 11.3% YoY and had an impact on the rest of the industry metrics. The reduction in lower-priced vehicles from inventory helped to raise the average listing price by 3.6% MoM to just under £20k, while YoY levels were up 0.6%. Similarly, the drop in inventory saw an increase in days-on-market, with readings rising 0.3% MoM and 10.6% YoY.
To learn more about the trends impacting vehicle inventory, download the January 2023 edition of the CarGurus UK Vehicle Availability Index & Insights Report.