Used LCV prices reached a new record at the end of May, according to Aston Barclay, as volumes continued to increase in line with the growing availability of new vans.
Prices rose by 8.3% (£698) to £9,057 between Q1 and the end of May, helped by a fall in average mileage from 104,000 to 94,783 miles while average age remained at 64 months.
The last time prices were at record levels was in Q3 2021 at £8,321 when the market was coming out of a pandemic-induced lockdown.
Prices in May rose despite traders reporting a dip in footfall levels from the three bank holidays during the month.
Geoff Flood, Aston Barclay’s national LCV sales manager, said five consecutive months of rising new LCV sales were starting to be reflected in a rise in used volumes.
“Used LCV market demand remains strong which is reflected in record prices, but the most interesting trend is that volumes are gradually increasing in line with better new vehicle supply and growing sales.
“Year-on-year, new LCV sales have grown by 14.7% and the word from dealers is that availability is starting to improve with vehicles often turning up ahead of schedule. It is helping to contribute to larger weekly LCV sales across the group from multiple vendors.”
And while the used LCV market traditionally slows down in the summer, this year might buck the trend as the recent fall in fuel prices and the drop in inflation fuels a move from SMEs to replace their ageing used vehicles with new vans.
“This may cause prices to fall back slightly, but signals more new stock coming into the market,” he added.
