Average used LCV value above £10,000 for first time, BCA reports

Date: Monday, August 23, 2021 | Author: Sean Keywood

The average value of used LCVs sold at auction hit a new record in July, going above £10,000 for the first time, according to BCA.

The company said the £10,120 average was a £187 increase on the figure for June.

Year-on-year, the average represents a significant £2,422 increase, or 32%.

BCA UK COO Stuart Pearson said: “The used LCV sector is experiencing a perfect storm, with the home delivery, courier, self-employed trades and also the leisure vehicle sector experiencing high demand for vehicles.

“The onset of the pandemic stimulated significant growth in online shopping and, as a result, the number of people working as self-employed delivery, courier and final-mile drivers has risen dramatically. Many need their own vehicle, typically a LWB, high-roof large volume van, and we have seen values rise steadily in this sector.

“We have also seen significant demand for LCVs that support many small businesses and tradespeople, resulting in rising values for standard panel vans, tippers and dropsides.”

Pearson said one interesting development had been an increase in demand for vans suitable for conversion to motorhomes, to serve the domestic holiday market.

He added: “While there is a view that value performance for LCVs couldn’t get much better, there is a real chance we will see a further spike in demand towards the end of the year to meet the needs of the Christmas trading period – particularly as the well-documented supply challenges around new vehicles continues to have an impact on the wider marketplace.”

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