The recent upturn in new van registrations may be a welcome relief for UK van dealers, but many van operators are continuing to run vans to much higher ages and mileages than previously seen, according to vehicle auctioneers Manheim — echoing the long-running trend reported by their competitors, BCA.

Nearly half of all used vans hitting the market in February were over seven years old, according to the firm — 36% of car-derived vans, 46% of small panel vans and 45% of large panel vans (>3t). This shortage is attributed to two, related, factors — the dramatic fall in new van registrations since 2008/9, and the causal fact that many businesses have been delaying fleet renewal as long as possible in the light of tightened circumstances and questionable availability of credit — two facts which have helped support and buoy business for long-term and daily van rental companies during the same period.

Matthew Davock, head of light commercial vehicles at Manheim, says he believes the tide is turning:

“These older vans are, without doubt, the tail end of extensions and deferred replacement programmes resulting from the economic downturn. Anything sub four years in auction today is seeing significant interest, from both online and physical buyers. Fewer than three in 10 vans sold in February fell into this age bracket.”

One side effect of this has been to support the value of used vans — in an automotive market led by the UK’s obssession for new cars, constrained circumstances have forced van buyers to appreciate the value offered by older models, according to Mr Davock:

“This is not bad news for the market. Older and higher mileage vans will always find homes as they are at an attractive price point and represent excellent value. Mileage is now seemingly less of a mental barrier in retail buyers’ minds; this is likely against a backdrop of modern reliability and a comprehensive maintenance history.”

Small vans in particular have benefited from this trend — Manheim’s price data shows that the average hammer price for small vans has risen by 22% over the last year, from £3,957 a year ago to £4,846 in February 2014.

Looking ahead, based on this year’s remarkably strong start, Manheim believes that the market for used vans will remain stable for the next few months. Overall they believe the wholesale market has hit a price ceiling; while there is a chronic shortage of quality used vans at auction, conversion rates and bidding activity will remain high.