LCV values at BCA remained stable into February as buyer engagement and stock mix improved.
Values averaged £8,740 across the month, down 0.3% (£24) on January and up by 8.7% compared to December’s low point. Performance against guide values lifted by one percentage point to 99.3% over the month and sold volumes increased significantly as momentum continued from January.
The slowly improving economic backdrop supports the rising confidence felt in the used LCV sector. There was also further encouraging news in the new van sector, as February 2024 recorded the 14th consecutive month of growth, albeit at a gentler rate (2.2%) than has been seen in recent months.
Stuart Pearson, BCA chief operating officer UK, commented: “The confidence we saw emerging at the start of 2024 has continued into February with excellent buyer engagement, firm prices and an improved churn of stock. Our daily online light commercial vehicle sales allow us to track sentiment very closely and ensure our sellers and buyers are aligned on market valuations.
“Whilst only a few months into the new year, the feeling of seasonal trends previously talked about is getting further established and there’s a good balance between supply and demand, which is welcome news for both sellers and buyers alike.”
Pearson was also cautiously optimistic about the outlook ahead.
He said: “March trading has continued to follow a similar pattern and whilst we could see some pressure as we move over the Easter period, the trade is well versed in how to navigate this and there is a feeling of a better balanced and more predictable marketplace in the months ahead.”
