The ongoing everything shortage continues to disrupt the auto industry – in particular, new vehicle production – although we’re beginning to see some recovery for used inventory. Once again, inventory levels rose in October with the Vehicle Availability Index coming in at 90, an increase of 9.4% from September. What caused this increase? It looks like consumers, while showing a high demand for private mobility, are still price-conscious.
The average listing price increased 4.7% to £18,773 and is now up 33.2% compared to last year’s prices. However, inventory that came to market in September remained available as the weighted average price was up 6.7% Inventory that came to market in October that was closer to the average listing price continued to move.
Days-on-market decreased again in October by 3% to just under 55 days. What caused this decline? A high level of activity in inventory on market for less than 30 days, as well as older inventory coming off market, helped to bring down the average days.
October’s data shows that while numbers are tending to trend consistently due to the current supply shortage, we can see still monthly surprises. We’ll be closely monitoring November data to see if consumers continue to avoid higher-priced vehicles or if high demand with limited inventory allows for more exceptions.
To learn more about the trends impacting vehicle inventory, download the CarGurus Vehicle Availability Index & Insights October 2021.