Increase in used van values witnessed in recent months

The average price of a used van in the UK rose by a modest, but not insignificant 1.7% in January, up to £4138. Although this news may seem rather trivial, and in a normal economic climate it would be, what makes this statistic newsworthy is that this figure is indicative of the increase in the health of the the industry as a whole. The average age of used vans sold has remained static at 50 months.

The average mileage of vans changing hands at Manheim’s auction centres has increased by 3073 miles to 73,629, representing a 4% increase.

Symptomatic of an improvement in the economic situation compared to the same period last year, year-on-year values were up 7.6% in January, with a decrease in mileage of just 395 miles.

The majority of volume segments have seen values rise month-on-month. One of the larger divisions of the used van market, car derived vans, saw a 3.5% rise up to £2650, whilst small vans were up 3.3% to £4025. Mid-sized panel vans saw the largest increase in the industry, with prices soaring by 5.4% to £3998.

However, in less optimistic news, the value of used large panel vans fell by 1.9% down to £4193, whilst Tippers, Boxes and Lutons plummeted by 7.1% and 12.2% respectively, although a vast amount of this decrease comes as a result of an increase in the average mileage and age of the vans traded during the time period.

Tim Spencer, Manheim’s commercial vehicle auctioneer, explained: “With us halfway through February the market is looking strong, with prices holding up against an abundance of stock.”

“There is currently a demand for just about every variety of vehicle on the market. With fewer vehicles available in the rental market, it seems that individuals are now more inclined buy their vans at auction.”

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