Values for large commercial vehicles (LCVs) remained stable in February 2024 at BCA, a UK-based used vehicle business.
This marked a marginal decrease of £24 (0.3%) from January, averaging £8,740.
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The stability comes despite the slight dip, as values were still up by 8.7% compared with December’s low point.
BCA said the performance against guide values improved by one percentage point to 99.3% over the month, and sold volumes saw a significant increase, continuing the momentum from January.
The used LCV sector’s confidence is bolstered by a slowly improving economic backdrop, and the new van sector also showed positive signs with February marking the 14th consecutive month of growth, further revealed BCA.
Although the growth rate was a modest 2.2%, it continued the upward trend seen in recent months.
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By GlobalDataBCA COO UK Stuart Pearson said: “The confidence we saw emerging at the start of 2024 has continued into February with excellent buyer engagement, firm prices and an improved churn of stock. Our daily online light commercial vehicle sales allow us to track sentiment very closely and ensure our sellers and buyers are aligned on market valuations.
“Whilst only a few months into the new year, the feeling of seasonal trends previously talked about is getting further established and there’s a good balance between supply and demand, which is welcome news for both sellers and buyers alike.”
The trading pattern for March has been consistent, Pearson said, adding that although there may be some pressure during the Easter period, the trade is experienced in handling such situations, and there is a perception that the market will be more stable and well-balanced in the coming months.
Earlier this year, the LCV values at BCA saw a notable rebound, marking a significant recovery from three consecutive months of decline.
This positive trend was attributed to not only increased buyer participation but also to a more favourable mix of vehicles entering the market, suggesting a healthy demand within the used LCV sector.
