LCV values end 2023 on downward turn

LCV values at BCA averaged £8,037 in December, the lowest monthly figure recorded since the UK was in lockdown in 2020.

This continued a downward trend during 2023, after values peaked at £10,325 in April.

Stuart Pearson, BCA COO UK, said: “As last year drew to a close we continued to see the effects of a two-tier market, where well presented, higher grade vehicles attract a lot of interest, while older, higher mileage volume models need to be competitively valued, particularly if they require repair and refurbishment.

“The dynamics that drove demand during the pandemic are well and truly behind us now and we are back to the basics of good remarketing practice. Proper preparation and good presentation are critical to achieving the best possible prices for used LCVs along with the correct documentation to support the vehicle provenance.”

He concluded: “The LCV wholesale market has got off to a steady start in 2024, with interest continuing to be highly sensitive to price and condition. These dynamics are not unusual for this time of year and should not be a cause for concern, as there is every expectation that conditions will improve and that 2024 is likely to see a return to more seasonal trends in the wholesale LCV market.”