Used LCV Market Continues to Shine
The second quarter of 2014 provided extremely strong numbers for those in the used commercial vehicle sector, and marked a record figure. A report from the BCA indicates that the average prices continued to increase, with LCVs averaging £5,460 and reflecting an 11.9% increase over the previous twelve month period. Though mileage on the vehicles being sold has increased by approximately 450 miles, age has fallen. The numbers are encouraging when looking at growth over a two year period as well, with average values increasing 27.5% since 2012. Much of this is attributed to a dearth of inventory combined with an increase in demand.
According to Duncan Ward, BCA’s general manager of commercial vehicles, “There can be little doubt that the improving economic background is giving a boost to the used LCV market, and small and medium-sized enterprises (SMEs) remain positive about future prospects. News of massive infrastructure projects such as HS2 which will generate thousands of construction jobs, as well as numerous A-road improvement schemes and house building projects will do much to improve confidence in small businesses serving the civil engineering and construction industries. The building and associated trades are some of the biggest buyers of used LCVs, so we should expect demand to remain relatively strong in the months ahead.”
“Additionally, the continued growth in online shopping and home delivery services has created another layer of demand for used panel vans, which is keeping values high.”