{"id":9432,"date":"2016-11-16T17:10:41","date_gmt":"2016-11-16T17:10:41","guid":{"rendered":"http:\/\/www.vanrental.co.uk\/vanblog\/?p=9432"},"modified":"2016-11-16T17:10:41","modified_gmt":"2016-11-16T17:10:41","slug":"used-van-prices-hit-new-record-in-october-as-age-and-mileage-fall-further","status":"publish","type":"post","link":"https:\/\/www.vanrental.co.uk\/vanblog\/archives\/9432","title":{"rendered":"Used van prices hit new record in October as age and mileage fall further"},"content":{"rendered":"

Used van prices hit\u00a0high of \u00a36,368 in October, according to BCA. The auctioneer said that the figure was the highest since its\u00a0began reporting monthly sales in 2005.<\/p>\n

\"BCA<\/p>\n

BCA said that sales around its UK-wide network of\u00a0sites were\u00a0“exceptionally strong”<\/em>, with average values rising 3.8%\u00a0(\u00a3238) over the month.\u00a0The average\u00a0LCV value in\u00a0October was 12.8% higher than at the same point last year.<\/p>\n

As I always point out in these articles, it’s important to\u00a0look at rising prices in the context of falling average age and mileage, as well as varying model mix. Here’s how age and mileage have changed over the last year:<\/p>\n\n\n\n\n\n
All vans<\/strong><\/td>\nAvg Age (mnths)<\/strong><\/td>\nAvg Mileage<\/strong><\/td>\nAvg Value<\/strong><\/td>\n<\/tr>\n
Oct 2015<\/strong><\/td>\n56.18<\/td>\n77,059<\/td>\n\u00a35,654<\/td>\n<\/tr>\n
Oct 2016<\/strong><\/td>\n53.83<\/td>\n70,966<\/td>\n\u00a36,378<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source: BCA<\/em><\/p>\n

The average LCV\u00a0sold by BCA in October was three months newer and had\u00a06,000 fewer miles than one year ago. \u00a0So you’d expect buyers to be paying more. These figures tend to confirm what we’ve been seeing for a while, which is that fleet\u00a0refresh cycles are continuing to trend lower — or perhaps normalising — as the financial crisis becomes more of a\u00a0distant memory.<\/p>\n

Figures for the fleet and lease sector\u00a0show that average age has fallen by nearly three months over the last year, while average mileage has fallen by 9,000 miles. This big drop in mileage may\u00a0be why\u00a0these desirable vans are fetching a higher proportion of their original book price:<\/p>\n\n\n\n\n\n
Fleet\/Lease<\/strong><\/td>\nAvg Age (mnths)<\/strong><\/td>\nAvg Mileage<\/strong><\/td>\nAvg Value<\/strong><\/td>\nSale vs MRP<\/strong><\/td>\n<\/tr>\n
Oct 2015<\/strong><\/td>\n42.78<\/td>\n71,629<\/td>\n\u00a36,427<\/td>\n33.43%<\/td>\n<\/tr>\n
Oct 2016<\/strong><\/td>\n40.47<\/td>\n62,657<\/td>\n\u00a37,190<\/td>\n36.63%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source: BCA<\/em><\/p>\n

BCA\u2019s Head of Commercial Vehicles, Duncan Ward, commented:<\/p>\n

\u201cWith recent surveys suggesting improved confidence in small business sectors, an expanding economy according to the ONS and a relative shortage of good quality stock, there is plenty of demand in the used van market.\u00a0 Both professional buyers and end users are bidding confidently across a range of makes, models and configurations with lots of competition for LCVs that are in ready-to-retail condition.\u00a0 Values for the best examples will outstrip price guide expectations by a considerable margin.\u201d<\/p>\n

\u201cAs the Christmas season approaches, online retailers will place increasing demands on the parcel delivery and courier sector, and we expect to see continued interest for larger panel vans over the next few weeks.\u00a0 The budget van sector is also buoyant, with average values for part-exchange stock rising to the second highest point on record in October.\u201d<\/p><\/blockquote>\n

Mr Ward’s point about part-exchange stock rising in value suggests\u00a0small couriers may be buying cheap vans to\u00a0provide extra capacity for the festive delivery season. One imagines the vans will then be\u00a0sold off again in the\u00a0New\u00a0Year.<\/p>\n","protected":false},"excerpt":{"rendered":"

BCA figures show that used van prices hit a new record high of \u00a36,368 in October 2016, as the average age and mileage of used vans continued to fall.<\/p>\n","protected":false},"author":2,"featured_media":9433,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[8],"tags":[624,1885],"_links":{"self":[{"href":"https:\/\/www.vanrental.co.uk\/vanblog\/wp-json\/wp\/v2\/posts\/9432"}],"collection":[{"href":"https:\/\/www.vanrental.co.uk\/vanblog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vanrental.co.uk\/vanblog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vanrental.co.uk\/vanblog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vanrental.co.uk\/vanblog\/wp-json\/wp\/v2\/comments?post=9432"}],"version-history":[{"count":2,"href":"https:\/\/www.vanrental.co.uk\/vanblog\/wp-json\/wp\/v2\/posts\/9432\/revisions"}],"predecessor-version":[{"id":9435,"href":"https:\/\/www.vanrental.co.uk\/vanblog\/wp-json\/wp\/v2\/posts\/9432\/revisions\/9435"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vanrental.co.uk\/vanblog\/wp-json\/wp\/v2\/media\/9433"}],"wp:attachment":[{"href":"https:\/\/www.vanrental.co.uk\/vanblog\/wp-json\/wp\/v2\/media?parent=9432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vanrental.co.uk\/vanblog\/wp-json\/wp\/v2\/categories?post=9432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vanrental.co.uk\/vanblog\/wp-json\/wp\/v2\/tags?post=9432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}