Prices driven up by a shortage of LCVs

According to the latest report from the British Car Auctions (BCA), prices of light commercial vehicles (LCVs) have reached a record high in September after being driven up by a dearth of quality and shortage of supply.

The figures for September show that average prices rose to £5,158, representing an increase of £145, up 2.8 per cent on the previous high set in August of this year. The average age of LCVs sold in September experienced a slight increase to 59.3 months, whilst the mileage remained static at 80,000.

Meanwhile, the health of the market is evidenced by the year-on-year figures, which show a £934 increase, up 22 per cent on the same period last year.

With stock at a premium and prices escalating as a result, bidders have been particularly busy during September, with competitive bidding across all sectors. Professional buyers have been lured towards older, higher mileage vehicles due to the shortage of low mileage vehicles which were registered late in the year. As always, vans that are in a good condition with a high level of specification and a desirable colour are the top picks.

Unfortunately for buyers, there are few indications that supply of quality stock is going to improve over the next few months.

September has also been a record month in the fleet and lease LCV sector, with average values rising by £194 (3.1 per cent) to £6,408. This sector also saw a record high in terms of the year-on-year differential, with a £1,406 increase on the same period last year, representing a 28.1 per cent increase.

The record breaking theme continued into the part-exchange LCV sector, with values rising by £91 (2.6 per cent) on August’s figures to £3,509. Year-on-year values rose by £535 or 17.9 per cent.

So, although the market is extremely buoyant, perhaps now is not the time for buyers to secure a great deal on a used van. However, with a van insurance quote from Van Compare, at least you can make a saving on the cost of insurance.

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