LCV Used Marketplace update

Andy Picton

30 Apr 2019, Editorial

New LCV Market Overview - March

In the busiest sales month for LCVs, demand for the new 19 plate generated 66,123 registrations, a 10.6% increase versus 2018.

Driven by new model launches and market incentives, the two largest sector increases were the 2.0-2.5 tonne sector, increasing 17.9%, and the 2.5-3.5 tonne sector increasing 13.0%. A 6.7% rise in pickup registrations saw them exceed 11,000 for the month, whilst the sub 2 tonne small van sector declined 10.6%.

This was a positive first quarter, with year to date registrations (YTD) of new LCVs at 102,743, up 8.9% on the same period in 2018. 

Top Five Registrations

YTD 2019                               March 2019                            March 2018

Ford Transit Custom – 16,611    Ford Transit Custom – 11,573    Ford Transit Custom – 9,397

Ford Transit – 7,253                   Ford Transit – 4,635                   Ford Transit – 5,255

M-B sprinter – 5,602                  VW Transporter – 3,424             VW Transporter – 4,292

VW Transporter – 5,249             M-B Sprinter – 3,228                  Peugeot Partner – 3,019

Ford Ranger – 4,736                  Ford Ranger – 3,184                  Ford Transit Connect – 2,855

Buyers are currently making the most of the fantastic deals on offer. Nevertheless, economic uncertainty continues to stifle any chances of longer-term prosperity. A return to market stability is essential if this level of demand is to continue throughout the year.

Used LCV Auction Market Overview - March

Overview

Record registrations three years ago are driving the current increase in stock availability. Additional auction sales across the country are helping to clear the volume. Tired looking damaged or high mileage stock remains difficult to sell with buyers preferring vehicles in showroom condition. Euro 6 stock values in the London area are strengthening, as more buyers become aware of the Ultra-Low Emission Zone. In other parts of the UK, buyers remain happy trading in Euro 5 stock.

Small Vans - 31% of overall sales

Small volumes of the Ford Fiesta Sport are driving a strong performance, whilst higher specification VW Caddy, Ford Transit Connect, Vauxhall Combo, Citroen Berlingo and Peugeot Partner are holding prices steady. Prices are decreasing for the increasing volumes of base model Ford Transit Connect and Vauxhall Combo. Tidy examples of Vauxhall Corsavan, Renault Kangoo, Fiat Doblo, and previous generation Ford Transit Connect continue to sell.

Medium Vans - 37% of overall sales

The oversupply of Ford Transit Custom continues, with some residual demand for the nicest stock. Previous generation Vivaro, Trafic and Dispatch, Expert, Proace are popular with the higher trims in greatest demand. Lower specification Transporter models need air-conditioning to maintain demand. Current Trafic and Vivaro models continue to be regular sights at auction with higher specification models attracting the greatest attention.

Large Vans - 18% of overall sales

Poor condition and high miles hamper the majority of vehicles in this sector. However, demand remains for clean stock, particularly short and medium wheelbase vans. Specifically, Sprinter and Transit in metallic colours drive higher prices. The current shape Crafter is expensive against the competition and is proving to be a low priority for buyers keen to find value used vans. Previous generation Crafters, if clean, offer the sort after value for money. Buyer demand is rising for 4-5 year old Transit dropside and tipper models, especially those under £10,000. Demand for caged tippers on any chassis is increasing.

4x4 Pickups - 14% of overall sales

Stock level and vendor expectations remain high in this sector causing particular problems for sales of late plate stock, where interest is limited. The Mitsubishi L200 Barbarian and Nissan Navara Tekna in the 2-5 year old bracket sell well when coupled with low miles. Ranger and Hilux with automatic gearboxes are in demand however, older examples of Amarok struggled. Sale of Land Rover product was limited. High trim Defenders with low miles continue to sell well, whilst other models disappointed. Discovery Commercial needs to be in XS specification to sell.

Highlights

  • Units sold in March: Circa 10,000 (Down 0.3% on Feb) (Up 1.1% on March 2018)
  • Average van price: £6,430 (Up 1.5% on Feb) (Up 1.5% on March 2018)
  • Average mileage: 74,761
  • Average age: 65.5 months
  • First time conversion rate: 78.2%
  • Best-selling model at auction for the month: Citroen Berlingo 625 Enterprise L1

About the author

Andy Picton

Andy PictonChief 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 obviously commercial vehicles.