Used van values up 12 per cent in December
The price of a used van at auction increased to £5311 in December, with year-on-year values up £575, an equivalent uplift of 12.1 per cent.
The data from British Car Auctions shows that the market witnessed its fifth consecutive montly rise, with the average cost for a light commercial vehicle increasing by £202 (3.9 per cent) in December, as buyers competed strongly for stock in the shortened trading period.
However, age and mileage of used vans rose to 60 months and 81,000 miles, up four months and 4000 miles respectively on 2012, as stock shortages continue to blight the market.
The shortage has been largely accredited to the aftereffect of the recession, when new van sales dropped considerably from 2008 – 2011; this has had a knock on effect on the used market as auction is the tradiotnal outlet for fleet managers to clear their stock.
From the buyers’ perspective, the outlook for 2014 is that supply issues could actually worsen"
BCA’s general manager of commercial vehicles, Duncan Ward, said “From the buyers’ perspective, the outlook for 2014 is that supply issues could actually worsen. Our view is that the overall shortage of used product and the issues of supply versus demand will see a continuation of high conversions and higher selling prices in 2014, effectively meaning we are going to see more of what is best described as a “sellers’ market”.
Values in the fleet and lease finished the year at £6669, the second highest figure on record, with December recording a year-on-year value increase of £1286 (23.8 per cent).
Part-exchange values also climbed sharply to £3723 in December – a rise of £269 (7.7 per cent) compared to November - the highest average value ever recorded in the sector. Nearly-new LCV values improved by £1588 to £14,605 in December – which is again another record high.