Manheim's three-year Market Analysis shows strength of used van market
According to the firm's report, average wholesale used van values are 11.1% (£405) higher than in the same period in 2007, the year that was recognised by all within the industry at that time as the record year. At £4,057 the average wholesale value of vans is 52.0% (£1,388) higher than Q4 2008, the worst period for many years.
4x4s have performed even better, with average values of 4×4 pickups up by 42.1% (£2,076) higher than Q3 2007 and at £7,002 are a massive 77.1% (£3,048) higher than Q4 2008.
The performance in values across the main vehicle segments has varied compared with Q3 2007 and Q4 2008, with one segment actually down compared with three years ago. When compared with Q3 2007 Car Vans are up by 15.5% (£311) to £2,320, Car Derived Vans are up by just 1.1% (£28) to £2,679, Large Panel Vans < 3.0t are up 14.6% (£489) to £3,845 and Large Panel Vans > 3.0t are up 5.7% (£240) to £4,419. Against the trend, average values of Small Panel Vans were down by 4.6% (£208) to £4,289.
When compared with Q4 2008 all main vehicle segments were up significantly – Car Vans by 47% (£742), Car Derived Vans by 44% (£819), Small Panel Vans by 40% (£1,230), Large Panel Vans < 3.0t by 49.5% (£1,273) and Large Panel Vans >3.0t by 51.8% (£1,508). Over the three year period, average age is down by three months to 52 months and average mileage down by less than 800 miles to 71,838 miles.
James Davis, general manager, commercial vehicles, Manheim Auctions, commented: 'Used vans traditionally perform well in recession as they represent excellent value compared with new vehicles. Even though we have witnessed increases in volume across all van segments in the past couple of years, specifically 3.5t vehicles as daily rental fleets downsized, demand has remained strong. What is significant, and clearly underlines the strength of the used van market, is that average sale values have increased despite the increases in volume. This latest report does show values starting to soften and as we move into 2011 we will need to keep a careful watch on volumes and to separate the impact of seasonality and the issue of supply.'