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Fall in used LCV values reported
Date: Monday, November 13, 2023 | Author: Sean Keywood
The average price of used LCVs sold at auction fell by 5.9% month-on-month in October, according to BCA.
The auction company said the decline from £9,247 in September to £8,705 last month represented a return to a trend of decline seen since April, though briefly bucked by a 4.1% rise in September.
October’s average was the lowest seen by BCA since December 2020.
BCA said much of the steady fall in average values this year resulted from a changing mix of stock and rising numbers of lower grade vehicles reaching the marketplace, as well as the recovery of the new LCV market.
BCA UK COO Stuart Pearson said: “As we have reported in recent weeks, we have a two-tier market operating, where well-presented, higher-grade vehicles attract a lot of competitive bidding, while older, lower spec volume models can be challenging to remarket, particularly if they require repair and refurbishment.
“Compared to the previous 24 months where new and used supply was constricted and demand was high from retail customers, the current position is an almost complete reversal.
“Used volumes are lifting and there is more choice around new LCV supply, so it should not be a surprise to see values moving downwards.”
Pearson said that while the LCV market was not subject to the same pressures as the retail car sector, there was no doubt that small business van users were being prudent when it comes to acquiring a replacement vehicle, and that this was being reflected in activity within the wholesale sector.
He continued: “Professional buyers at BCA are choosing stock carefully, avoiding vehicles that appear overpriced or requiring significant work to get into retail condition, and are generally treading with caution while these conditions continue.
“The market remains very price sensitive and is likely to remain so as we move into the festive period. There will undoubtedly be some seasonality at play, however, with values moving to a level that many feel are more realistic and supply becoming more readily available.
“These factors could help to kick-start a little more positivity in the wholesale market as we cross into the New Year.”
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