Used vehicle inventory continued to contract in February 2023 with the CarGurus Used Vehicle Availability Index seeing readings decline 2.6% month-over-month and 13.3% year-over-year as vehicles on forecourts head to levels not seen since 2021. While used inventory continued to decline, average listing prices for those vehicles continued to follow the script from last year and saw prices decline last month. Average prices declined 1.1% to just under £19.6k while year-over-year levels are up just 0.4%; if prices continue to follow the narrative from last year we could be in for several months of additional declines. Finally, the declining inventory started to pull down average days-on-market in February with levels dropping 6.4% month-on-month while still being up 4.5% year-on-year.
To learn more about the trends impacting vehicle inventory, download the February 2023 edition of the CarGurus UK Vehicle Availability Index & Insights Report.