It goes without saying that the automotive market has changed significantly in recent years, and with this change, so too has CarGurus. As 2022 draws to an end, we took some time to reflect on the past year — and what a year it has been thanks to our phenomenal dealer partners. Below are some of the defining highlights.
In November, new inventory levels continued to improve, increasing 1.5% from October and now up nearly 37% compared to last year. Interestingly, used inventory saw a decline of nearly 4% from October, but remains up over 21% compared to last year. Prices declined (slightly) across the board. Average new vehicle listing prices declined 0.1% compared to October, while used vehicles saw a slightly larger decline of nearly 1%. Both new and used prices remain well above their 2021 levels. Rising new inventory levels helped increase days-on-market by 5.5% compared to October. Used inventory increased by 2.5%, due to higher priced vehicles sitting on market for longer and pulling up the overall average.
The CarGurus Product teams have been hard at work, continuing to build new features and product enhancements that give our dealer partners more of what they need to succeed. Here are the key CarGurus product improvements you can expect now, and in the weeks to come.
In October, new inventory continued its path to recovery with levels rising over 3% compared to last month; now up 34% year-over-year. Used inventory also saw an increase of nearly 1% and is now up nearly 24% year-over-year. These trends signal that both new and used consumers are finally seeing more vehicles available to them. Pricing trends continued to diverge further with used prices declining 1% month-over-month while new prices saw a further increase of over 2% month-over-month; both new and used are still seeing significant spreads year-over-year. Days-on-market increased in line with rising inventory levels; the days-on-market for new and used now stand squarely between 2020 and 2021 levels.
In a positive shift, September saw new inventory levels rise with index readings increasing 18.7% compared to last year. Used inventory was effectively flat month-over-month, but is similarly up 21.1% year-over-year. Unfortunately, the improving inventory levels didn’t help bring down prices significantly. New vehicle prices increased 1% and used vehicle prices declined just 0.6% compared to last month while they remain up 27.8% and 29.9% year-over-year, respectively. Interestingly, days-on-market is effectively flat year-over-year with new levels up 3.9% and used up 1.2%.
In a potential green shoot, August saw new vehicle inventory levels increase by 8.3%–a welcome shift after years of depressed inventory. However, used inventory levels declined by 2.5%. The average used listing price for both new and used were effectively flat in August, with new prices declining 0.1% and used prices increasing 0.2%. Days-on-market continued to increase, with new average days-on-market increasing by 0.5% while used vehicle days-on-market increased by 6.6% to nearly 80 days.
You asked, and we listened. Many of you have told us you want a way to promote your inventory more strategically on CarGurus. Today, we’re launching Highlight, the latest solution in our suite of Listings products designed to help you reach more in-market shoppers.
Here’s everything you need to know about it.
July’s data showed a month of subtle surprises. Inventory levels across the board declined in July, though only slightly. New inventory decreased 0.4% from June and remained down 23.1% year-over-year, while used inventory declined just 0.1% and is now up 14.2% year-over-year.
This quarter, CarGurus released the results from its annual survey of automobile owners on their sentiments towards electric vehicles (EVs). It’s the second year the online survey has been conducted, and the results show that EVs continue to pose a huge opportunity for dealerships, especially with younger shoppers.
Read on for the key findings from the CarGurus 2022 Electric Vehicle Study.
As we reach the midpoint of the year, we’re seeing a pattern of trends highlighting that the vehicle market will likely continue to face challenges in the second half of 2022.