October LCV values averaged £9,861 at BCA, up markedly year-on-year but with clear signs of stability emerging in the market.
Boosted by strong demand as new vehicle supply remains challenged, the October average is significantly ahead of the same month in 2020 by £2,104, equivalent to a 27.1% uplift.
But following this summer’s peak in prices, values have moved by just £259 or 2.6% across the past five months and while remaining robust, the market is now seeing stability as demand is balanced out by supply.
Stuart Pearson, BCA COO UK, commented: “Similar new vehicle supply issues have impacted both the car and commercial vehicle market place in 2021, albeit the acceleration of LCV prices came much earlier in the year. However, values have remained stable since the LCV sector saw prices peak in the summer, which potentially highlights what’s to come for cars too.”
The ongoing new LCV supply issues are also expected to keep the used market strong over coming months.
Pearson continued: “The long waiting lists for new commercial vehicles continue and our buyer base has been enhanced by increased activity from the franchised dealer networks who have been particularly competitive when it comes to sourcing used stock. With delays in delivery of some new models anticipated to continue well into next year, LCV values in the wholesale used market are expected to remain strong for some months to come.”
BCA is also continuing its work to develop its digital buying experience, with improvements to the LCV grading process along with technology upgrades and enhancements to its website and the BCA Buyer app, supporting customers with accessing vehicles in the digital space.
