I’ve documented the inflation-beating rise of used van prices regularly over the last twelve months, courtesy of monthly figures from vehicle auctioneers BCA.
Used van prices paused for breath in November, according to BCA’s lates figures, leaving them 20.2% higher than they were in November 2012:
| All vans | Avg Age (mnths) | Avg Mileage | Avg Value | Sale vs CAP |
| Nov 2012 | 59.74 | 81,408 | £4,250 | 99.98% |
| Nov 2013 | 60.95 | 81,951 | £5,109 | 103.42% |
Data courtesy of BCA (www.british-car-auctions.co.uk)
Average values for light commercial vehicles declined by £42 (0.8%) in November, largely as a result of a change in model mix as dealer part-exchange volumes increased during the month, increasing the flow of older, lower-priced models into the auction stream (a possible consequence of the recent rise in new van sales).
The average used van price was £5,109 in November, the third-highest value on record and the fourth consecutive month in which values have stayed above £5,000. A year-on-year increase in value of £859 means that used van price at auction have risen by 20.2% over the last twelve months, helping realised prices stay well above CAP value, at 103.4% of book price.
Duncan Ward, BCA’s General Manager, is confident that the upwards march will resume in December or early next year, and said:
While there was a small dip in the headline value in November, this was as a result of a subtle change in model mix rather than any fall in demand. With fleet/lease LCVs in such short supply, relatively greater numbers of dealer part-exchange vehicles were sold and these are typically older, higher mileage and a lower average value.
Ward pointed out that corporate (ex-fleet) vans, which are most sought-after by used dealers, have risen in value by around 30% over the last year, thanks to a sustained shortage of supply:
Professional buyers who typically bid on corporate vans at auction are finding it harder to source these vehicles and have to pay more to secure the best retail-ready examples. November saw corporate stock rise significantly and we expect that to be maintained in December as the shorter trading month means there are fewer opportunities to buy.
Despite the decline in average used values, ex-fleet and lease vans proved continued to rise in value last month, gaining 4.6% to an average of £6,820. With fleet and rental companies taking the balance sheet strain away from would-be new van buyers, this trend may continue for sometime yet.