Light commercial vehicle values fell slightly in March but remain at near record levels. The March figure of £6,526 represented a small fall of £23 against February and was the second highest value on record.
Year-on-year, average values are up by £647, equivalent to an 11.0% uplift, with the significant falls in average age and mileage continuing to be a factor.
BCA’s LCV operations director Duncan Ward said: “Average selling price data might suggest a buoyant market, but the reality is the market has weakened and conversion rates have been under pressure. BCA’s profile of stock is becoming younger and lower mileage and this is a significant driver of the increasing values we report.”
He added: “As often is the case when demand softens, a two-tier market begins to develop. Well specified commercials in retail-ready condition are making exceptional values, while vehicles with an unusual configuration or special equipment will always attract attention from buyers. In contrast, any LCV available in high volumes, perhaps with damage and a basic specification will have an uphill battle to attract interest.
“The ‘lifestyle’ double cab pick-up market remains fickle, which is maybe a reflection of a mild winter together with increased volumes and choice for selective buyers. Live Online sales continue at record breaking levels, with digital sales now approaching a 40% penetration rate – BCA’s video appraisals ensure buyers get all the information they need to bid with confidence for commercials online.”
The fleet and lease LCV sector saw average values fall by £86 (1.1%) to £7,093 in March. Despite this, average values for fleet and lease LCV stock have been consistent since rising above the £7,000 mark in October 2016 and the last six months have seen the highest average values on record.
Retained value against MRP (Manufacturer Recommended Price) improved very marginally from 36.02% to 36.09%. Year-on-year, values were up by £67 (5.4%), with average age and mileage declining when compared to the same period in 2016.
Average part-exchange LCV values improved significantly in March, rising by £231 (5.7%) to reach £4,233 – a new record value for the sector. Year-on-year, values were up by £336 (8.6%) as comparative age rose and mileage figures fell.
Nearly-new LCV values continued to fall, averaging £14,423 in March, although as always, this has to be taken in the context of the very low volumes reaching the market and the model mix factor, as well as the continuing availability of ‘new shape’ models reaching the used market.