LCV demand remains undimmed
BCA has reported that LCV values remained at near record levels in February 2022, with average values staying above £10,000 for the third consecutive month.
Following on from the record value of £10,812 seen in January, February maintained the consistent run of strong values seen throughout recent months, averaging £10,441 – the second highest monthly value ever recorded. Values averaged 101.2% of guide price across the board during February.
Year-on-year values for February 2022 were ahead by £1,015 (10.8%) compared to February 2021 when the country remained in lockdown.
Despite this outwardly strong performance, it is apparent that the external pressures affecting the wider economy are starting to be felt in the LCV sector. Demand remains robust for vehicles in the best condition, although professional buyers are much less enthusiastic about vehicles with cosmetic or mechanical issues, and these vehicles are becoming very price sensitive.
Stuart Pearson, BCA COO UK , said: “External economic factors are increasingly having a greater effect on the wider used LCV marketplace, which is largely driven by the needs of the small business and independent trader sectors. These businesses will undoubtedly have been under pressure throughout the pandemic and are now having to deal with rising interest rates, increased energy and fuel costs and the widespread cost-of-living squeeze.”
