Used values remain high
The headline average value of a used light commercial vehicle (LCV) rose for the third month running according to BCA’s latest Pulse report, reaching the highest point this year.
A competitive marketplace and continued demand from professional buyers saw dealer part-exchange and nearly-new values reach record levels, while average values for fleet and lease vans also rose for the third month in succession.
The headline average value rose by £123 to £5,777, equivalent to a 2.1% uplift compared to October and the second highest figure on record. Year-on-year values were up by £162 or 2.8%, with the average van in 2015 being two months younger and 2,000 miles lower.
BCA’s LCV operations director, Duncan Ward, commented, ‘BCA is also seeing a more attractive mix of stock with less duplication of models and this is keeping buyers interested and prices firm. At the budget end of the market, higher mileage, poorer condition vans are selling providing they are priced in line with market expectations.
‘Professional buyers are competing strongly for LCVs that are in ready-to-retail condition, particularly any vehicles with a high specification or unusual configuration. Non-trade buyers have also been active in recent weeks and this has had a notable effect on performance in the dealer part-exchange sector where values have been climbing since the spring months.’
The fleet and lease sector recorded average values of £6,551 in November, an increase of £124 over October and the highest point reached since March of this year. CAP performance fell back slightly to 99.35%, while retained value against MRP (manufacturer recommended price) improved to 33.99%. Year-on-year, values were down by £29 (0.4%), with performance against MRP down by nearly three and a half percentage points.