Wholesale van values stabilise in May, reports Manheim Remarketing
That's the finding of Manheim Remarketing's latest monthly Market Analysis for Vans, which reveals that the slight fall in average values comes even though average age increased by four months to 57 months with average mileage up 967 to 76,062 miles.
When compared with May 2010, average values are 10.5% (£449) lower, average age is five months higher and average mileage is up by 6,058 miles.
Notable examples of falls in average values of the volume vehicle segments include Car-Derived Vans, which fell by 5.5% (£148) to £2,561, Small Panel Vans by 2.4% (£97) to £3,887 and 4x4s, which fell by 4.7% (£337) to £6,831. These falls in average values were offset by increases for Large Panel Vans <3.0t of 3.1% (£111) to £3,723 and for Large Panel Vans >3.0t of 1.3% (£50) to £3,921.
James Davis, general manager, commercial vehicles, Manheim Remarketing, said: 'This is the first time since Manheim Remarketing has been reporting on monthly market performance that there has been a four-month swing in average age in just one month. This is significant as it reflects the reduced influence of volumes from daily rental sector consolidation and the diminishing effects of recent high-profile corporate business failures. The majority of these vehicles have now happily washed through and found homes.
'Overall, 30% more vans have been sold year-on-year during 2011 and swings in stock profile mix have resulted in the wholesale market appearing considerably tougher than a more sophisticated segment analysis actually suggests. Throughout the year there has been an oversupply of large panel vans over 3t, the "workhorse" of the van segment, which has caused values to soften but during May these volumes reduced. This good news is likely to be a sign of things to come as we proceed through the seasonally slower summer period.
'In May the car-derived and small panel van segments dipped but I would draw attention to the increases in average age and in the case of small panel vans, mileage. The outlook for the remainder of the year is cautiously positive. There is no doubt that clean and well presented vehicles, sensibly valued, continue to attract the strongest following and the highest bids.'For more of the latest industry news, click here.