LCV Used Marketplace update February 2019

Andy Picton | 08 Mar 2019

About the author

Andy Picton

Chief Commercial Vehicle Editor

Having worked previously for Barclays Asset Finance and LeasePlan in the commercial vehicle sector, Andy joined Glass’s in 2002 as part of the Commercial Vehicle team working closely with manufacturers, leasing and insurance companies, traders, dealers and auction houses. He was promoted to Chief Commercial Vehicle Editor in 2016 and manages our industry-leading team of valuation experts. He loves football, music and commercial vehicles.

LCV Used Marketplace
Last month, van sales steadied with 14,384 units registered. One of the UK’s smaller sales months, 249 more vans and pick-ups sold compared with 2018.

Increasing 5.9% year-to-date (YTD), the 2.5t-3.5t Gross Vehicle Weight (GVW) sector now accounts for 65% of all LCV registrations.

In February, offers boosted sales 4.6% for vans under 2.0t GVW whilst sales slowed for vans from 2.0t-2.5t GVW by 4.5%. Pickup demand also slowed 2.4%.

Four of Ford’s LCVs appear in the top ten sellers again this month. The first two months of 2019 show the Ford Transit Custom beating its nearest rival by more than two-to-one. Positive shows from the Transit and Mercedes-Benz Sprinter see them securely take the next two top selling positions.

The increase in van sales at the start of 2019 is good news after a stormy 2018. New laws due this year add to the political and economic doubts for van buyers set to result in more shifts to van buying patterns through the year.

Daily auctions are helping to clear LCV stocks with over 10,000 units sold in the first two months of this year. February was 6.0% down on January and 1.7% down on the same point last year.

Good condition stock is rare and buyers pay premiums for the best examples. With more low value fleet vehicles entering the market, average van prices went down 2.6% last month versus January, whilst remaining £200 more than last year.

The average mileage of stock sold during the month increased to 76,553 miles. This is the third highest in the last 12 months. Average age increased by 2.6 months to 65.7 months, whilst first time conversion rates rose to 77%, up from 73% last month.

Small panel van sales made up 30% of total volume for February. The Citroen Berlingo Enterprise and Peugeot Partner Professional with combined sales of 300 units.

Increased volume of base Ford Transit Connects is driving values down. Whilst lower volumes of Volkswagen’s Caddy, with higher trim levels and DSG, drives strong performance. Pre-2014 stock generally performs well, with the Ford Transit Connect, Renault Kangoo, Fiat Doblo, and Vauxhall Combo all selling.

Over a third of all vans sold at auction (36.5%) are medium vans. Demand for vans in this sector over 6 years old is highest, with first time conversions at 83.7%. However, average sale prices reduced £50 in February driven by oversupply of the Ford Transit Custom.

This month in this sector, buyers preferred the older 2.0-litre engine in the Vauxhall Vivaro, rare Hyundai iLoads and previous generation Dispatch, Expert and Proace. Crew vans remain in demand, with high trim styles the most wanted.

In February, the large panel van sector made up less than 20% of all used vans sold. This highlights the lack of quality stock in this sector. Prices fell £100 on average driven by poor condition and high miles. Low supply of good metallic painted vehicles drives higher prices. Increased supply of dropside, tipper, Luton box and minibuses is pressuring price levels. Again, the less common body styles drive increases in prices especially caged bodies or access platforms.

Sales of 4×4 pickups made up only 14% of overall February volumes. With high stock levels, the Mitsubishi L200, Nissan Navara and Ford Ranger sold in good numbers on mid-year plates, whilst pre-2012 stock sold well when with no VAT on the hammer price. Late plate double cab pickups continue to be a struggle for vendors. The lack of appetite is driven by high reserve prices, often set close to discounted new prices.

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