Higher-priced vehicles continue to impact the data, although not in quite the same way as last year, as consumers seem to have shifted their buying preferences from any vehicle to a vehicle under £20k — and, ideally under £10k.
Inventory levels are down slightly from April – however, they remain elevated year-over-year, with readings over 22%. This increase is consistent with the shift in inventory priced over £20k, highlighting that while year-over-year levels appear positive, it’s primarily vehicles priced above what consumers are looking for that are sitting.
The average listing price also declined monthly but remains elevated year-over-year, up 24%. The shift in inventory to vehicles priced over £20k continues to modulate on a monthly basis, hence the month-over-month decline – however, the shift is more pronounced on an annual basis which creates elevated year-over-year levels.
The shift in inventory is also present in days-on-market, which saw levels increase 4.5% from April and is now down just 3.2% from the same time last year. We’ll likely continue to see a staring contest between consumers and dealers as inflation has pushed vehicle prices higher, but consumers are now looking for a better deal.
To learn more about the trends impacting vehicle inventory, download the May 2022 edition of the CarGurus UK Vehicle Availability Index & Insights Report.