With over 10,000 units sold in the first two months of 2019, February was 6.0% down on January and 1.7% down on February 2018.
With more low-value fleet vehicles around prices fell by 2.6% versus January, but remained £200 more than last year. Average mileage increased to 76,553 miles, the third highest in the past 12 months. Average age rose by 2.6 months to 65.7 months, and first-time conversion rates climbed 4% to 77%.
Light panel van sales made up 30% of total volume. The Citroen Berlingo Enterprise and Peugeot Partner Professional had combined sales of 300 units. The increased volume of base Ford Transit Connects is driving down values, while lower volumes of VW’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 LCVs (36.5%) were medium vans. Demand is highest for LCVs aged six-plus years. But average prices fell by £50 in February, driven by the oversupply of the Ford Transit Custom. Buyers liked the older 2.0-litre engine in the Vauxhall Vivaro, rare Hyundai iLoads, and the previous-generation Citroen Dispatch, Peugeot Expert and Toyota Proace.
Large panel vans made up less than 20% of all used sales. This highlights a lack of quality stock, and prices fell by £100 on average. A low supply of good, metallic-painted vehicles drives higher prices. Increased supply of dropside, tipper, Luton box and minibuses is pressuring price levels, while less common body styles – e.g. caged bodies – drive price rises.
Sales of 4×4 pick-ups made up only 14% of volumes. The Mitsubishi L200, Nissan Navara and Ford Ranger sold in good numbers on mid-year plates, and pre-2012 stock sold well with no VAT on the hammer price. The lack of appetite for late-plate double-cabs is driven by high reserve prices, often set close to discounted new prices.
Andy Picton is chief commercial vehicle editor of Glass’s, the used vehicle valuation experts.
