Fleet/lease van values fall 3.2% in June
According to the Pulse figures, average fleet/lease values fell by £164 (3.2%) to £4,909 – a back-to-back fall following a run of six consecutive "record months".
With this fall, average values for fleet & lease vans dipped below £5,000 for the first time since January. Despite this, year-on-year values are over £1,150 higher in June 2010 and nearly £1,900 ahead when compared to the bottom of the market in December 2008.
Commenting on the fleet & lease figures, Duncan Ward, BCA's general manager commercial vehicles, said: 'To put the recent levels of demand into context, a "record" monthly average value of £4,161 was achieved in January 2008 and stood for 19 months. Every one of the past 10 months has exceeded that figure, often by 20% or more.'
'And while prices have stuttered in the short term, the long-term prognosis is for values to rise again. Reduced new van sales mean there will not be the volumes of used vans around to support what is likely to be an increase in demand from 2011 onwards as the economic situation hopefully improves.
'We've already seen a shortage of vehicles because operators have been extending the leases on the vans they've already got and operating them for longer rather than replacing them given the current economic climate. Those vans will now be coming off contract, and will be older and more travelled. As a result, over the next six to 12 months the average age and mileage of the vans we sell is likely to rise.'
Mr Ward added: 'However, once these vans have gone through the system, there is every chance the market will feel a shortage of stock, because there is no volume of stock following behind these vans. We may even see one or two organisations disposing of their vans when they're two years old to fill that gap and get a premium price.'
Across the board, average monthly values for LCVs continued to slip in June, making it two consecutive monthly falls on the back of the record levels reached in April of this year. LCV values averaged £4,280 in June, a fall of £186 (4.1%) against May's values.
The news follows Manheim's announcement earlier today (9 July) of a marginal 0.3% increase in wholesale used van prices in June.