April saw used inventory levels decline slightly by 0.6% month-over-month (MoM), however more significantly they remain down nearly 15% year-over-year (YoY) highlighting the difficulty in finding a used vehicle in the current market after three years of reduced new vehicle sales. The tightening used inventory helped to increase average listing prices 1.5% to over Can$36.5k, however some of the departing inventory look to be aged as average days-on-market dropped 5.1% MoM.
Surprisingly new inventory saw a contraction in April with CarGurus Availability Index readings declining 3.1% MoM while levels are still up nearly 31% YoY. Average listing prices continued to show no sign of slowing down with readings increasing 0.9% MoM while days-on-market similarly continued to grow again rising 2.3% MoM.
To learn more about the trends impacting vehicle inventory, download the April 2023 edition of the CarGurus Canada Vehicle Availability Index & Insights Report.