Top five LCV registrations
August’s total delivered a record month for LCV registrations, driven by demand for the latest and cleanest vehicles. Moving forward into the last four months of 2019, supply constraints and extended lead times could dampen registration totals as factories ramp up UK production of Worldwide Harmonised Light Vehicle Test Procedure (WLTP) compliant LCVs.
In line with typical summer seasonality, the August wholesale market saw limited buyer demand compounded by significant volumes of duplicate vehicles available across all segments. Few buyers are in a rush to increase stock levels whilst economic and political uncertainty continues around the Brexit debate.
Stock sales are on average, 10.5 months older than twelve months ago, at 77.0 months, with average mileage at 80k miles, an increase of 1,650 miles on last August. These increases highlight the caution in the market.
Overall, August sales volumes declined 25.5% on July and stand 47.3% behind August last year. Of the vehicles sold, average first-time conversion rates increased by 1.2% to 77.8%, a 1.4% increase on the same point 12 months ago. The average sale price for the month decreased nearly £150 on July and nearly £1,000 down on August 2018. It is also the first time since December 2017 that the average sale price has dropped below £5,000.
Small Vans: 37% of overall sales
Most vans in this sector are readily available, with Berlingo, Partner, Combo and Transit Connect represented in number with buyers paying lower prices than July. Volkswagen Caddy Maxi vans on 15 plates are also available in number, with only best presented with sensible miles achieving strong hammer prices. Kangoo and Doblo remain value for money, whilst demand for electric vans continues to grow as buyers tune in to the benefits of battery powered LCVs. Volumes sold during August were down by nearly 250 units versus July.
Medium Vans: 36% of overall sales
Prices in this sector were down nearly £175 in August, whilst volumes sold reduced by nearly 200 units as supply continues to outweigh demand. However, first time conversion rates during August increased by over 5% to 81.2%. Transporter, Transit Custom, Trafic, Vivaro and Dispatch continue to perform for vendors, with the best-presented crew vans continuing to generate premiums, especially high specification versions.
Large Vans: 17% of overall sales
Transit FWD 350 models continue to attract attention and continue to outperform their RWD equivalent, with versions in colour and higher trim levels in the most demand. Renault’s Master remains a popular price range van with those offered with sensible miles selling with little difficulty. Pressure is mounting on prices for unloved high mileage examples of drop side or tipper models on the Transit chassis. However, Luton box vans on Transit or Sprinter chassis perform well, with the best examples gaining buyer attention. In summary, sales in this sector dropped over 175 units and nearly £300 on average versus July.
4x4 Pickups: 10% of overall sales
Sales in this sector were almost 90 units down, with first time conversion dropping to 57.7%, 3.2% down on July. In a sector where supply and demand remains an issue, only the best examples of L200 Barbarian and Warrior, Hilux Invincible and Ranger Wildtrak, preferably with automatic transmission, have found new homes. The Amarok has sold when condition and miles have been right, whilst mid-spec Isuzu D-Max, Ranger and Hilux have performed strongly. Although often seen as value for money, the sale of older stock continues to be heavily dependent on mileage and condition. Buyers continue to overlook basic specification Defenders in preference for higher specification versions. The best presented XS and special edition models continue to sell for exceptional prices.