Used van values were unchanged in October compared to the same month last year, according to the latest figures from auctioneers BCA.
Year-on-year table: All vans
| All vans | Avg Age (mnths) | Avg Mileage | Avg Value | Sale vs CAP |
| Oct 2014 | 56.08 | 78,885 | £5,654 | 103.28% |
| Oct 2015 | 56.18 | 77,059 | £5,654 | 100.66% |
Data courtesy of BCA
However, there were a couple of differences which suggest that in real terms, used values are falling:
- Average mileage was approximately 2,000 miles lower in Oct 2015 than Oct 2014
- Sale vs CAP (trader’s book price) was down to 100% this year, from 103% last year
BCA’s LCV Operations Director, Duncan Ward
In my view, the market is continuing to soften gradually, but there’s no doubt conditions remain pretty healthy.
October’s average used price of £5,654 was the highest seen so far in 2015, and seasonal demand looks set to surge over the next couple of months, as Duncan Ward, BCA’s LCV Operations Director, explains:
“With encouraging noises coming from most business sectors, a reasonably settled economy and relative shortage of good quality stock, both professional buyers and end users are bidding confidently across a range of makes, models and configurations. There has been plenty of competition for LCVs that are in ready-to-retail condition and values for the best examples will outstrip price guide expectations by a considerable margin.”
“As the Christmas season approaches, online retailers will place increasing demands on the parcel delivery and courier sector, and we expect to see plenty of interest for larger panel vans over the next few weeks.
The budget van sector is also buoyant, with average values for part-exchange stock reaching record levels in October.”
The underlying weakening of the market I refer to is probably best illustrated by the high volume fleet and lease van sector, which accounts for the majority of BCA’s volumes. Sale prices for these vans, which are typically between three and four years old, have weakened relative to benchmark valuations:
- Sale vs CAP price down from 102% (Oct 2014) to 100% (Oct 2015);
- Sale vs Manufacturer Recommended Price down from 37% (Oct 2014) to 33.4% (Oct 2015)
Similar trends were seen in the part-exchange vans sector, which deals with older vans, averaging around seven years old. Sale vs CAP fell from 107% in October 2014 to 102% last month for part-ex vans.
Car drivers are used to being able to by nearly-new cars from main dealers through approved used programmes that guarantee a certain level of quality and preparation.
