After nine months of increases, van values fall reports Manheim
THE USED van market has enjoyed nine months of increasing prices. But all good things come to an end.
In its latest Market Analysis for Vans report, auction specialist Manheim says that average wholesale used van prices fell in May by 2.8% (£126) compared with the previous month. The average is now £4,290.
Average prices have fallen in just three of the last 15 months illustrating the underlying strength of the market, Manheim noted. Compared with May 2009 average wholesale used van prices are actually up by 37.3% (£1,165) despite an increase in average mileage of 3,294 miles to 70,004.
Manheim says examples of the decreases in average month-on-month values in May include:
- Car Vans down by 8.5% (£208 to £2,237);
- Small Panel Vans down by 2.4% (£112 to £4,623);
- Large Panel Vans less than 3.0t down by 0.8% (£33 to £4,082);
- Large Panel Vans greater than 3.0t down by 7.9% (£374 to £4,353).
In contrast there were some increases in average values by:
- Car Derived Vans – up by 2.4% (£71 to £2,992);
- Boxes & Lutons – up by11.5% (£573 to £5,558);
- and 4x4s – up by 1.9% (£140 to £7,510).
James Davis, general manager of commercial vehicles, Manheim Auctions said: “A combination of an increasingly tough market, rising volumes and the re-emergence of the traditional softening of demand at this time of year has resulted in the first decrease in average values for nine months.
“Manheim has seen an increase in de-fleet volumes due largely to the implementation of several major daily rental fleet replacement programmes. Given the time of year and increase in supply, the pressure on prices will continue.”