Motor auctions reported a “mixed performance” within the LCV market with issues raised over the upcoming adjustments to Profit-in-Form tax therapy for double cab pick-up vehicles in April.
The upper tax prices had been introduced within the Funds by Chancellor Rachel Reeves.
Within the automobile market the Nationwide Affiliation of Motor Auctions (NAMA) reported a constructive outlook with a robust retail market with search exercise up 5% on February 2024.
NAMA members have expressed total satisfaction with the 12 months’s begin. The market has grown by 0.3%, with the strongest efficiency seen in autos priced as much as £10,000.
BEVs proceed to indicate slight weak point, down -0.2%, with some older EV fashions underperforming and newer EV fashions going through low cost pressures.
Petrol autos are up 0.6%, with small petrol vehicles being probably the most in demand, whereas the availability of three–5-year-old autos stays difficult. NAMA members additionally report good conversion charges for this time of 12 months.
Paul Hill, spokesperson for NAMA mentioned “Conversion charges stay sturdy for this time of 12 months, although the LCV section continues to indicate a blended efficiency.
“BEVs proceed to face some strain, down -0.2%, whereas the availability of three–5-year-old autos stays difficult.
“Overall, NAMA members are generally pleased with the year’s start. It is encouraging to see that the market is in a strong position, with forecasts for March and April also remaining positive.”
