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Record used LCV prices attributed to ULEZ expansion
Date: Friday, September 10, 2021 | Author: Sean Keywood
August saw another new record-high average sale price being set for used LCVs, according to data from auction company Manheim.
It reported an average selling price of £10,554, beating the previous record of £10,222 set in June, and a 3.7% increase on July’s average.
The August average represents a year-on-year increase of 37%, and an increase of 63% compared with pre-pandemic levels.
According to Manheim, the upcoming expansion of the London Ultra-Low Emission Zone (ULEZ) is driving demand for new and used Euro 6 vans.
The company has also warned that LCV supply in coming months will be the lowest the market has seen for over a decade, with many fleet and rental contracts extended to Q2 next year as replacement vehicle shortages continue.
Matthew Davock, director of commercial vehicles at Manheim’s parent company Cox Automotive, said: “We expected August to start slowly, as we reported this period had already begun in July. However, in the last 10 days, we saw a noticeable uplift in buyers returning from holiday and a strong appetite shown to buy stock.
“Our expectations were certainly exceeded when we saw the YOY and staggering pre-pandemic growth figures in black and white.
“Demand growth for Euro 6-compliant awareness, together with the ever-increasing challenges of new supply availability – continues to fuel performances of wholesale vehicles.
“During August, we saw used Euro-6 van average selling prices increase by a further 2.2% compared with July, to a record-breaking £13,722.”
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