New vehicle inventory levels in general have hovered near record low levels for the better part of three years now, a development largely spurred on by the pandemic and resulting supply chain issues. However, there are signs that conditions are beginning to improve, as inventory has slowly creeped upward while prices have declined slightly over the past two months or so. As for the perennially best-selling Ford F-150, its inventory levels have increased since last year, according to new data from CarGurus, as is also the case with the Ford Explorer.
In its latest Intelligence Report for February 2023, CarGurus notes that overall new vehicle inventory increased by 3.4 percent month-over-month in February, while prices also appear to have plateaued at this point. On the same token, Ford F-150 inventory is leading the way in that regard with the most improvement of any new vehicle on the market, as its total inventory variance increase came in at just over seven percent last month when compared to February 2022.
As for the Ford Explorer, its inventory levels grew by three percent over that same time period, which was the fourth best improvement of any new model. It trailed the F-150, Chevy Silverado 1500, and GMC Sierra 1500 in that regard, but also ranked ahead of the Nissan Rogue, Jeep Wranger, Buick Envision, Jeep Compass, Jeep Grand Cherokee 4xe, and Jeep Wrangler Unlimited 4xe to round out the top 10.
In the meantime, Ford is working to increase production of some of its more popular models, while both Ford Pro CEO Ted Cannis and FoMoCo CEO Jim Farley expect the chip shortage to ease in the coming months, helping to improve inventory and lower prices at the same time.