Van values rise 10% in 2010, reports Manheim Remarketing
The data also reveals that average age was down by six months to 50 months and average mileage down by 6,299 to 70,556 miles. Average values peaked at £4,416 in April and have remained strong and relatively stable since July.
All vehicle segments recorded increases when compared with December 2009 except Small Panel Vans which fell by 2.6% (£106) to £3,895. The biggest increase, not influenced by market or model mix distortions in 2010, was recorded by Large Panel Vans > 3.0t which rose by 17.7% (£642) to £4,274 due, in part, to lower average age (down four months to 50 months) and lower mileage (down 12,548 to 83,994 miles).
In December average values increased by 2.7% (£108). Examples of increases include Large Panel Vans > 3.0t up 1.3% (£57) to £4,274, Tippers up 7.3% (£438) to £6,415 and Boxes & Lutons up 1.4% (£95) to £6,811. Examples of falls in values include Car Vans down 8.0% (£197) to £2,252, Large Panel Vans <3.0t down 4.2% (£167) to £3,794 and Buses down 3.9% (£242) to £5,923. Average age and mileage, when compared with November, remained the same at 50 months and 70,500 miles.
James Davis, general manager, commercial vehicles, Manheim Remarketing, said: 'Average wholesale van values have risen through the recession; clear proof that supply has tracked behind demand.'
He added: 'With van defleet volumes enhanced by consolidation in the daily rental industry, and other industry sectors, when you actually look at what is out there and talk to the trade you realise there is the potential for a very good year. The majority of the vans we are seeing coming to auction are the popular brands, well-specified bread and butter ex-fleet and rental vehicles in the £3,500 to £5,000 price range. These always attract buyers as there is a ready retail market for these vehicles.
'The only caveat is that, as the wholesale market is driven by supply and demand, vendors need to remain close to the market as it will change week to week, and regional variations are likely where duplicate stock becomes available for wholesale. Clearly as buyers are investing their own cash, pre-selling is preferable to stocking. If the economy maintains its gradual recovery and new vehicle registrations continue to struggle, then the used van market will thrive, driven by the good value which a used van offers. This year we do not expect the level of value increase we have seen in 2010 because of the supply changes but the outlook is positive for a stable 2011.'