New LCV market down 3.4% in March – the SMMT

The UK’s new light commercial vehicle (LCV) market declined by 3.4% in March, with 49,505 vans, pickups and 4x4s joining the road, according to figures published by the Society of Motor Manufacturers and Traders (SMMT).

The weakest new number plate for March since 2023 is disappointing, given the month typically delivers the highest volumes of the year, said the SMMT.

March’s decline was driven by a fall in new pickup registrations, down 54.0% to 3,732 units.

Demand for large van models rose by 8.7% to 34,805 units, and medium sized vans by 2.3% to 8,365 units, while deliveries of new 4x4s were up 41.3% to 1,871 units.

Uptake of small vans, meanwhile, fell by 53.8% to 732 units following a 60.8% uplift in March last year.

Waning demand for pickups rounds off a first quarter decline of 54.8% to 5,751 registrations – a shortfall of 6,967 compared with Q1 last year.

The SMMT said that fleet renewal continues to be discouraged by last April’s changes to treat double cabs as cars for Benefit in Kind and capital allowance purposes, given the importance of construction and farming to the sector.

While double cab VED and VAT rules remain the same, the SMMT said the industry is urging the Government to reverse the BIK measure, which is shackling businesses from purchasing the latest, most efficient models – keeping older, more polluting vehicles on the road for longer and reducing Treasury tax receipts.