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BCA reports softening used LCV prices
Date: Tuesday, June 28, 2022 | Author: Sean Keywood
Used LCV prices fell during May amid shifting market demand and continuing external economic pressures, according to auction company BCA.
It said the average price of used LCVs sold during the month was £9,517, down by 4.9% compared with April, and the first time the average had fallen below £10,000 since December last year.
However, last month’s average was still up by 1.5% compared with May 2021.
BCA said that although there was still strong demand for LCVs from several sectors, condition and presentation had become increasingly important for professional buyers.
BCA UK COO Stuart Pearson said: “Over the past few weeks, the LCV market has seen reasonable competition for the best stock that can be put straight to work, but far less interest in poorer condition, lower grade vehicles.
“This is not unusual considering the current economic climate, however it is placing significant pressure on the prices of some vehicles that only a few months ago were flying out the door.
“Condition is now definitely ‘king’ as professional buyers are totally focused on the vehicles that can be turned quickly.”
Pearson said that alongside general market movements, the LCV sector was also experiencing a shortage of parts largely caused by the Ukraine conflict and the impact following the fallout from the pandemic.
He continued: “This makes professional buyers even more reluctant to purchase vehicles requiring mechanical work due to the extended period it is likely to take to process them for retail sale.
“We’re working closely with a number of customers to use our scale and production capability to support in this area.
“Despite the current pressures, the used sector remains the key source of stock for LCVs as the new sector remains in the doldrums, down 25.1% year-on-year in May with supply chain issues continuing to affect OEM activities and many of the traditional sources of nearly new vehicles virtually dried up.”
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