LCV values remain healthy
- 30 May 2022
- Posted by: Alan Feldberg
- Category: News
LCV values remained above £10,000 for the fifth consecutive month in April, according to BCA.
It reported that average values were £10,005 in April, down by just £128 (1.3%) compared to March, however performance against guide prices improved slightly from 96.5% to 97.3% over the month.
Year-on-year, values for April 2022 were ahead by £976 (10.8%) compared to April 2021 when the third UK lockdown restrictions were easing.
Stuart Pearson, BCA COO UK, said: “Average used LCV values proved to be relatively resilient in April, despite the economic uncertainty caused by rising inflation and interest rates and the cost of living squeeze. Any van suitable for home delivery services, along with some of the more specialist vehicles that support the trade sectors are still in high demand. There is a note of caution for any LCV that requires cosmetic or mechanical preparation, however, as these vehicles are often overlooked unless they are keenly priced.
“These market moves are not unusual when there are external pressures and savvy customers are following the remarketing basics, making use of BCA’s Decision Intelligence to ensure that their pricing strategies are realistic and in tune with market sentiment, and investing upfront in preparation to ensure the optimal interest the first time of offering.
“Looking ahead, the new van market remains under considerable pressure with the SMMT reporting that April registrations were down by more than 29%, and little improvement is expected in the near term for many well documented issues affecting vehicle manufacturers. Therefore, the used sector is likely to remain the primary source of stock for many businesses looking to put LCVs to work during 2022, ensuring that used prices should remain fairly robust for the foreseeable future.”