Opinion: New and used LCV market ‘mixed’ performance in February

By Andy Picton, specialist RV analyst at Glass’s

The new light commercial vehicle (LCV) market fell for the third month running in February, down 19.3% to 14,476 registrations. 

February saw demand fall across all sectors except Vans < 2.0 tonne GVW, where registrations increased 55.3%.

Vans > 2.0 - 2.5 tonnes GVW category recorded a 33% fall equating to 1,043 fewer units registered over the same month last year, whilst vans in the >2.5-3.5t GVW sector recorded a drop of 19.0%. 

This sector registered 11,537 new units – 2,338 units fewer than in February 2024 - but continues to be the most popular representing nearly 69% of all units registered during the month. 

The pick-up sector declined 4.8%.

Another strong month for the Ford Transit Custom saw it extend its lead over the competition. 

Siblings, the Ford Transit, the Ford Ranger and the Ford Transit Courier (354 units) finished in third, Fourth and tenth respectively. 

Stellantis Pro One saw the Vauxhall Vivaro place second, the Citroen Berlingo sixth (578 units) and the Peugeot Expert eighth (422 units). 

The Mercedes-Benz Sprinter took fifth, the Renault Trafic seventh (457 units) and the Toyota Hilux nineth (374 units). 

Top five LCV registrations

YTD 2025		February 2025		February 2024
Ford Transit Custom	5,089	Ford Transit Custom	2,361	Ford Transit	1,838
Ford Transit	2,889	Vauxhall Vivaro	1,331	Ford Transit Custom	1,611
Ford Ranger	2,846	Ford Transit	1,154	Mercedes-Benz Sprinter	1,325
Vauxhall Vivaro	2,101	Ford Ranger	1,041	Vauxhall Vivaro	1,173
Mercedes-Benz Sprinter	1,647	Mercedes-Benz Sprinter	935	Toyota Hilux	836

 

Electric van registrations

Battery electric vehicle (BEV) registrations up to 4.25t GVW increased by 35.5% in February with 1,413 units registered compared to 911 units 12 months ago, representing a monthly market share of 9.7% (5.1% - Feb 2024).

This is the fifth consecutive monthly increase in registrations but reflects market uptake that still struggles to match Government ambition.

Nevertheless, the industry has a target of 16% for zero emission new vans in 2025 and, with over half of all van models now available as zero emission, the mandating of a van-specific charging infrastructure along with effective Government support is crucial. 

In the face of lacklustre operator demand, it is essential that the government reviews the ZEV Mandate, delivering more realistic measures and flexibilities that can encourage faster electric vehicle growth.

Battery electric LCV registrations up to 4.25t GVW

Manufacturer: February 2025		Range: February 2025		Manufacturer YTD EV Sales		YTD EV Regs as % of Overall Sales
Ford	310	Volkswagen ID Buzz Cargo	265	Volkswagen	650	Volkswagen	22
Volkswagen	265	Ford E-Transit Custom	213	Ford	610	Iveco	21.1
Vauxhall	184	Vauxhall Vivaro Electric	151	Vauxhall	274	Maxus	14.2
Peugeot	156	Peugeot e-Expert	143	Peugeot	256	Peugeot	10.7
Renault	95	Ford E-Transit	97	Mercedes-Benz	204	Nissan	9.8

 

Ford accounted for 21.9% of all new BEVs registered in February. Volkswagen finished second with 18.7% and Vauxhall third (13%). Peugeot was placed fourth with 11% and Renault fifth with 7.2%. 

Places six to 10 were taken by Iveco with 94 units (6.6%), Mercedes-Benz 92 units (6.5%), Toyota 85 units (6%), Nissan 50 units (3.5%) and Maxus 33 units (2.3%).

By range, the Volkswagen ID Buzz Cargo accounted for 18.7% of all new electric vans registered in the month.

Positions six to 10 were filled by the Iveco eDaily (94 units – 6.6%), Renault Kangoo E-Tech (91 units – 6.4%), Mercedes-Benz eSprinter (87 units – 6.2%), the Toyota Proace City Electric (57 units – 4.0%), and the Nissan Townstar EV (50 units – 3.5%). 

The plug-In hybrid van market saw Ford, Toyota and LEVC register 391 units between them during February. 

Ford registered 281 Transit Custom PHEVs and 27 Transit Connect PHEVs, whilst Toyota registered 71 Corolla Commercials and LEVC 12 VN5 vans.

Used LCV market overview

Attendance both physically and on-line at LCV auctions has been positive during February. A balanced mix of stock and good buyer engagement has resulted in an increase in sales over the month. 

Clean, low mileage stock continues to attract the fiercest competition and strongest prices, with higher mileage vehicles, exhibiting more damage selling for below expected levels. 

The supply and demand of stock to the used market seems well-balanced at present. These stable market conditions are expected to remain in place throughout H1 but may come under pressure as we move through H2 and into 2026. 

The reduction in new LCV registrations during 2022 will impact on the volume of three-year-old stock available in the used market and likely strengthen values of this age stock.

February in detail

Sales of vehicles at auction increased for the third consecutive month, rising over 22.5% on January. 

The average age of stock over this period also increased from 73.3 months to 80.8 months and was 3.5 months older than 12 months ago. 

Average mileage though fell 0.9% to 79,627 miles during the month. This mileage was 1.6% lower than February 2024.

Of the vehicles sold at auction in February, 75.3% were Euro 6 – down from 82% in January. 

Average age was 56.2 months with an average mileage of 70,698 miles (71,564 miles in January). 

Sales of used electric vans increased from 0.7% to 1.69% of the overall market. The average age of these vehicles increased from 56.9 months to 64.9 months, with average mileage of 50,192 miles. Euro 5 stock made up the remaining 22.9% of sales, up from 17.3% in January.

Medium sized van sales accounted for 40.9% of the overall total. Large vans 25.5% and small vans 25%. 

Volumes of 4x4 pick-up sales accounted for only 8.6%, but recorded the highest average sale price at £13,188 - down 4.8% on January. 

Large vans covered more distance than any other vehicle type at an average of 81,376 miles, down over 11,250 miles on the previous month.

Overall first-time conversion rates fell for the first time in 10 months, from 84.5% to 73.7% and leaving it 5.1% below the same point last year. 

Broken down, the best conversion rate was achieved in the small van sector at 78.7% (down 6.7% on January), followed by the 4x4 pick-up sector at 73.0% (down 8.5%) and the medium van sector at 72.6% (down 11.9%). 

A conversion rate of 70.7% (down 13.8%) in the large van sector returned the lowest.

Used vehicles observed for sale in the retail market last month increased by nearly 1.8% to just over 45,300 units.

Of these, 92.6% were diesel models, 2.1% were petrol, 0.7% were PHEV and 4.6% were BEVs. 

Some 37.2% of all vehicles on sale were valued at £20,000 or more, while 36% were on sale for between £20,000 and £10,000. 

Those vehicles on sale between £10,000 - £5,000 made up 21.1% of the overall market, whilst 5.7% were on sale for less than £5,000. 

White vehicles make up just over half of all vans on sale at 50.2%, followed by grey at 16%, silver at 10.3% and black at 10.1%. 

Average age increased by two months to 59 months whilst average mileage increased by nearly 1.4% to just under 57,000 miles.