Electric vans have seen declining wholesale values throughout May, bucking the trend of a generally stable market.
The National Association of Motor Auctions (NAMA) has observed that the light commercial vehicle (LCV) market has begun to decline, after months of stability.
LCV wholesale values decreased by 2% overall, with electric vans being hardest hit, seeing a 3.1% drop in wholesale values.
Predicted LCV stock shortages have materialised, with NAMA members reporting lower levels of LCV availability.
Hybrid and petrol-powered cars continued to perform well, while electric vehicle (EV) values as a whole have shrunk by 2.1%.
Teslas are beginning to sell in higher volumes at auctions, recovering from a period of volatility caused by huge price cuts by Tesla, and controversy surrounding Elon Musk.
Paul Hill, a spokesperson for NAMA, said: “While there has been challenges in some areas, especially BEVs and certain LCV segments, the market remains resilient overall. The core fundamentals – strong retail interest, quality stock, and healthy buyer demand – are all still present.”
Vehicles requiring work are seeing less interest from buyers, with well-maintained stock selling more quickly.
NAMA predicts that a decline in demand for 4×4 pickups will be seen over the next few months, in response to the recent benefit-in-kind tax changes; while EV prices are predicted to stabilise as the market matures.
