Over the years, the new plate launch in March proves to be a fantastic month with registration really taking off. However, the current economic uncertainty meant that only just under 60,000 LCV registrations were recorded, a fall of 5.6%, resulting in YTD registrations 3.7% down on this point last year.
Vans with a GVW between 2.0-2.5 tonnes saw a 2.0% decrease, whilst vans weighing between 2.5-3.5 tonnes fell 10.5%. Vans under 2.0 tonne saw sales increase by 1.8% in March whilst pick-ups registered a 6.8% growth.
Ford’s dominance of the LCV market continues, with the Ford Transit Custom outselling the third placed VW Transporter by more than two to one. Ford hold 1st, 2nd, 5th and 7th place in the top 10 positions.
Although volumes sold at auction were down 2.6% on February, there remains plenty of stock available. What continues to be an ongoing problem, is replacing sold stock at anything like similar money.
This has been borne out by another increase in the average price of sold stock, which increased by nearly £200 in March. The average age of those sold increased by 1.1 months, whilst their average mileage reduced by 191 miles.
However, the average sale price increased by 3.1% during March and now sits just shy of £800 higher than 12 months ago. Of those sold, 82.1% did so at the first time of asking, up 2% on the previous month and up 11.8% on March 2017, whilst stock that sold at the first time of asking, did so for £430 (7%) more on average than those sold at the second or subsequent time.
Looking at the market as a whole, there is a lack of Euro 6 vans on the open market, which is keeping values high for this premium stock. This is set to continue as additional Clean Air Zones (CAZ) are introduced around the country over the next 18-24mths. The demand is growing, but with the exception of a limited volume from rental sources, the supply generally isn’t available at present.
The small van sector is proving popular at the moment with tidy examples of Ford Transit Connect, VW Caddy, Citroen Berlingo, Peugeot Partner and Peugeot Bipper all selling without difficulty.
The Ford Transit Custom Limited, the VW Transporter, Vauxhall Vivaro and the Renault Trafic all continue to dominate sales in the Medium Panel Van sector, with buyers able to cherry-pick the nicest examples. Those with a higher specification remain in greatest demand.
The large van sector sees demand fluctuate dependent on quality and availability, which can vary from week to week. MWB examples are gaining traction at the moment with any complete with air con and metallic paint gaining particular attention. Dropside, tipper and Luton van derivatives are near guaranteed a sale if the condition and mileage is right.
Sales of 4x4 pick-ups have improved during March with sales prices increasing by £350 on average over this period. Nevertheless, there remains a large number ‘doing the rounds’ at auction, with only the nicest examples finding new homes.