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Financial pressures felt in February’s used van market - Pak Auto Services
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Financial pressures felt in February’s used van market

Financial pressures felt in February’s used van market

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Used vans continued to attain near-record costs at BCA auctions final month, however exterior financial pressures are beginning to alter purchaser conduct.

Common values remained above £10,000 for the third consecutive month, with values averaging 101.2% of information costs throughout the board.

Whereas demand stays strong for autos in one of the best situation, BCA says skilled consumers are a lot much less captivated with autos with beauty or mechanical points, and these autos have gotten very worth delicate. 

Stuart Pearson, BCA COO UK , stated: “Exterior financial elements are more and more having a larger impact on the broader used LCV market, which is essentially pushed by the wants of the small enterprise and unbiased dealer sectors. 

“These companies will undoubtedly have been below strain all through the pandemic and are actually having to take care of rising rates of interest, elevated power and gas prices and the widespread cost-of-living squeeze.

“Whereas an LCV is a essential device of the commerce for a lot of small companies, now we have seen demand from skilled consumers hot-up for autos in one of the best situation which is pushing up values for one of the best ready, increased grade autos, however creating strain on decrease grade, older, increased mileage autos that want beauty or mechanical refurbishment earlier than sale.

“This can be a good time to remind sellers that the remarketing fundamentals stay as vital as they ever have been.  The place acceptable, mechanical and beauty repairs will add worth and enhance first time conversion, whereas the fitting stage of preparation, an correct appraisal, correct descriptions and transparency round car provenance will all contribute in direction of attaining optimum worth and velocity of sale.”

Following on from the report worth of £10,812 seen in January, February maintained the constant run of robust values seen all through current months, averaging £10,441 – the second highest month-to-month worth ever recorded. 

Yr-on-year values for February 2022 have been forward by £1,015 (10.8%) in comparison with February 2021 when the nation remained in lockdown. 

In November, the UK’s new van market notched up a gross sales report, ending the month 11.4% forward of the pre-pandemic common for the month.

Provide shortages have led to lengthy ready instances for brand new van orders and consequently excessive values achieved by vans within the used market.

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