Used LCV values continued to rise at BCA, reaching record levels for the fourth consecutive month as demand for light commercials continued strongly.
The average monthly value across all LCVs rose to £9,426 in February, representing the highest average monthly value on record at BCA. Average used LCV values rose by £262 (2.9%) month-on-month and outstripped guide prices by six percentage points.
Conversion rates for LCVs remain high, with vehicles up to six years old and grade 3 or above typically selling the first time they are offered for sale. Buyers are willing to pay a premium for vehicles that are ready to go back to work without the need for bodywork or mechanical repairs.
Stuart Pearson, BCA COO UK commented “The effect of the pandemic and the huge uplift in online shopping and the home delivery market over the past year has created a significant increase in demand for panel vans suitable for courier and final mile delivery work.”
“This has resulted in rising values for every model of long wheelbase, high roof panel vans, with Sprinter, Crafter and Transit models very much in demand, while medium wheelbase, medium roof vans have consistently outperformed guide price expectations over recent months.”
“Even the older, higher mileage end of the market has been buoyant, with old shape Transits – which ceased production eight years ago – being exceptionally sought after.”
Pearson added “Any vehicle in a good retail colour and specification generates a huge amount of interest with buyers, with metallic colours typically creating a flurry of bidding when they are offered for sale.”
He concluded “Over the coming weeks we expect to see increased demand as the UK economy reopens, and BCA will be offering the widest selection of LCVs to our buyers in our daily online sales programme.”
* Source: BCA Valuations