As we reach the midpoint of the year, the UK remains an outlier in the used vehicle market, especially compared to the US and Canada.
Used vehicle inventory declined 2.3% from last month, which runs counter to most regions which are seeing used inventory increase as prices reach historic highs. Why did used inventory decline? Likely due to a continued drop in used vehicle prices that are comparatively lower compared to other markets on a two-year basis (UK is up 28.5% while US is up 58%). For June, UK prices on average dropped due to a decline in vehicles priced above £20k. Finally, days-on-market did rise slightly by 2.7% in June as certain vehicles sat on market for longer.
While uncertainty continues to exist in the vehicle market, the UK used market looks to be in a relatively better position than other markets.
To learn more about the trends impacting vehicle inventory, download the June 2022 edition of the CarGurus UK Vehicle Availability Index & Insights Report.