LCV values improved while sold volumes also continued to rise during October 2024, latest BCA data reveals.
Average monthly LCV values at BCA were up 0.7% in October to £7,501, equating to a £51 rise from the £7,450 recorded in September. Sold values averaged 102.9% last month; a rise of 2.2 percentage points month-on-month.
Sold volumes rose significantly during the month as the market readied for increased demand for delivery vehicles in the run-up to the Christmas period. Volume also lifted considerably versus the same period last year with sold LCVs running 28% ahead of October 2023.
The turnaround follows the volatility seen earlier this year and comes as buyer numbers at BCA have continued to rise.
Stuart Pearson, BCA chief operating officer UK, said: “The used LCV market saw prices realign quite sharply between April and August of 2024, but the market has bounced back recently with two consecutive months of modest value growth recorded and BCA continuing to see significantly increased volumes of light commercials sold.”
Pearson added that consistent pricing was key to building strength across the wider marketplace.
“It means sellers can value vehicles realistically in line with market expectations, while buyers can purchase stock in the confidence that values are likely to remain steady in the weeks ahead. We are seeing this confidence reflected in rising buyer numbers at BCA and record sales volumes for light commercial vehicles.”
The market remains price sensitive though, according to Pearson.
He remarked: “This is a good time to remind everyone that whilst the remarketing basics remain as important, our science to support adding value has significantly improved. Investing in the right level of both mechanical and cosmetic repairs can add significant value and improve first-time conversion.”
