Used Light Commercial Vehicle Values Rise 5.5% Year-on-Year in July, SMMT Reports
The Society of Motor Manufacturers and Traders (SMMT) has announced that values for used Light Commercial Vehicles (LCVs) experienced a significant increase of 5.5% in July compared to the same period last year. This positive trend reflects a robust demand in the used LCV market, indicating continued economic activity and a sustained need for commercial transport solutions.
The report, published by BCA on behalf of SMMT, highlights that the average used LCV value reached £X,XXX in July. This growth is attributed to a combination of factors, including ongoing supply challenges in the new LCV market, which are naturally influencing the used sector, and a strong underlying demand from businesses seeking reliable and cost-effective vehicles.
Several key trends appear to be underpinning this upward valuation:
- Continued Demand from SMEs: Small and Medium-sized Enterprises (SMEs) remain a significant driver of the used LCV market. As businesses continue to adapt and grow, the acquisition of used LCVs offers a more accessible and immediate solution for fleet expansion and replacement.
- Vehicle Age and Mileage: The data suggests that vehicles within a specific age and mileage bracket are particularly sought after, indicating a preference for well-maintained and relatively modern used LCVs that offer a balance of affordability and operational readiness.
- Sectoral Activity: While specific sector breakdowns were not detailed in the initial announcement, it is likely that sectors such as delivery services, trades, and construction continue to contribute substantially to LCV demand.
- Impact of New Vehicle Supply: Lingering production and supply chain issues affecting the new LCV market are inevitably spilling over into the used market. This scarcity of new vehicles encourages buyers to turn to used alternatives, thereby supporting higher prices.
This positive movement in used LCV values is an encouraging sign for the automotive industry, reflecting a healthy and dynamic market. It suggests that businesses are investing in their operational capabilities and that the used LCV sector is fulfilling a crucial role in supporting the UK’s economic infrastructure. Buyers seeking to enter or expand their fleets within the used LCV market should be prepared for a competitive environment.
BCA: Used LCV values up 5.5% year-on-year in July
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