Used van values hit record high

BCA said that continuing short supply is driving the market ever higher. Could be a good time to get a new van

STRONG demand for secondhand vans throughout January led to record used van values  – which means the value of your van is growing!

Average used van values continue to rise and January 2014 achieved the highest figures on record, according to BCA Commercial Pulse. The month saw a number of record sales achieved around the BCA network.

Buyers competed strongly for stock during January, producing an increase in average values for all vans to £5322. January was the sixth month in succession that average values across all light commercial vehicles exceeded £5000 with the average price the highest since Pulse began reporting in 2005.

And year-on-year values also remain well ahead, up by £653 ( 13.9%) over the 12-month period.

But while age has risen over the year by around one month to 58 months, mileage has decreased by around 1000 miles on average during the same period. Average CAP performance was unchanged on 12 months ago.

Year-on-year table: all vans

BCA General Manager Commercial Vehicles Duncan Ward told Business Vans: “January essentially delivered more of what we saw throughout the previous 12 months – a shortage of stock allied to decent levels of demand that generated exceptionally strong prices in the used van market.

“Demand has been right across the board, from older higher-mileage vans through to younger ex-fleet and lease vehicles, while the few late-plate light commercials on offer can make exceptional values.

He said good condition was the key and vans with a nice specification and in an attractive retail colour were very desirable.

Similarly any light commercials with specialist equipment – such as tippers, dropsides or Lutons with tail-lifts – generated much interest from buyers, not only in the UK but also further afield.

Compared with December 2013, the value of vans from business and lease operators fell in January by £215 (3.2%) to £6454, largely as a result of the changing model mix as volumes rose significantly.

Values increased by £1071 (19.8%) year on year, underlining the continuing growth in average values in the light commercial sector. Performance against CAP improved by half a point to 101.92%, but retained value against Manufacturer Recommended Price (MRP) fell by nearly a point to 36.83%.