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Used LCV values rise in March, as ‘continued shortage of stock helps to drive demand and keep prices firm’, says British Car Auctions

Ref:A0263
Published: 8 April 2013


USED LCV values have risen again in March to a record high of £4,860, while the value of the average used car sold at auction decreased to £7,000.


The average March figure of £4,860 for all LCVs was the highest on record for any month since British Car Auctions began reporting in 2005.  The average age rose slightly to 58.8 months, while average mileage increased by over 2,000 miles to 80,800 miles. 


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BCA''s Duncan Ward said: "Values remained strong in the run-up to Easter, as the combination of limited supply and good levels of demand in the remarketing sector saw prices rise for corporate stock and older dealer part-exchange vans.  LCV values have been universally strong throughout the first quarter of this year and are significantly higher than the same period last year."


While demand for vans was strong before Easter, there have been fewer buyers after the festive period. 


“In fact the market has been even more competitive over the past few weeks and well-presented LCV’s are routinely outperforming guide expectations – often by a considerable amount.  The auction halls have been very busy, while the number of buyers participating in live online auctions continues to rise.”


The £4,860 figure is a sharp rise on this time last year, when LCV values were estimated to be £4,227.


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Ward added: "We know from experience that in the majority of previous years values have typically softened over the late spring and summer months. However, we saw little sign of that in 2012 as values remained relatively steady until the autumn when they rose quite sharply. So, second-guessing what trends might emerge this year is less straightforward."


“Anecdotal evidence from a number of sources suggests retail used van activity remains slow, yet the wholesale remarketing sector is relatively strong.  BCA believe the continued shortage of stock is helping to drive demand and keep prices firm.”


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“While the wider economic picture remains downbeat, a recent report suggested up to a third of working Britons would be interested in starting up their own business. Assuming that even a small percentage achieves that goal, that is a considerable groundswell of self-employed trades people and start-up businesses that may be in the market for a light commercial vehicle.”


Values in the fleet & lease LCV sector improved again in March, rising by £84 (1.4 per cent) to £5,907 - the fourth consecutive month where a record average value has been achieved for corporate CV stock.  Performance against CAP fell back by half a point to 102.7 per cent, while retained value against Manufacturer Recommended Price improved to 35.43 per cent from 34.9 per cent in February.


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