Inflated used van prices reduce in March

Used vans failed to reach their guide prices at auction, last month, as an influx of stock provided trade buyers with more choice.

Values averaged 96.5% of guide price across the board during the month, compared to 101.2% the previous month and 106.5% a year ago in March 2021.

LCV values averaged £10,133 at BCA in March, the fourth consecutive month that average values have exceeded £10,000 and the third highest monthly value ever recorded. 

Year-on-year values for March 2022 were ahead by £680 (7.2%) compared to March 2021 when the third UK lockdown restrictions were beginning to ease. 

Stuart Pearson, BCA COO UK, said: “External economic factors continue to impact the wider used LCV marketplace, and trading conditions have toughened somewhat in recent weeks.  With sale entry rising, the market has been presented with a greater choice of stock and we are seeing much more selectivity from our buyers.  Underlining this, price guide performance has fallen notably in recent weeks as the market dynamics change.”

He added  that demand remains buoyant for LCVs in a “good retail colour and specification”, but as standard models begin to appear in greater volumes Pearson advised that they need to be valued “in line with market sentiment” to attract the buyers. 

Vehicles offered for sale with cosmetic or mechanical issues are becoming much more price sensitive, according to Pearson.