No slowing down for average value of used vans
By Kyle Lindsay
Monday, October 13, 2014 - 15:30
The numbers don’t lie
The average value of vans sold during September 2014 was 10.3% higher than the previous year
A report from Manheim has shown a £438 rise in values at auction – despite an increase of one month in average age and 263 miles in average mileage. The month-on-month price remains fairly constant at £4,692, compared with £4,701 in August 2014.
The strong values in the used van market are also reflected in the percentage of original new price, Manheim’s comparison between the used and new price of vans. This measure shows that vans are currently achieving 28% of their original price, compared to 26% a year ago.
The data also reveals that the average selling price of small panel vans grew by 14.8% to £4,733 over the past year, and large panel vans over 3 tonnes saw a rise from £4,815 to £5,335 (10.8%) with car derived vans increased by £132 to £3,363 over the same period.
Matthew Davock, head of light commercial vehicles at Manheim, believes that van prices will continue to increase as winter approaches, commenting: “Vendors are typically enjoying conversion rates of 80% plus and when stock profile matches buyer requirements 100% sales are the norm, even with damaged product being snapped up in the absence of cleaner vans […] We don’t see any significant changes in volume trends, which will only contribute towards a continued strong marketplace for the remainder of the year.”
Davock also revealed that footfalls at auction have increased during September and Manheim’s online system, Simulcast, has seen buyers keen to log on and source stock all over the country: “Online bidding is clearly playing a more important role in the van auction market, with our recent sale at Gloucester setting new records for online bids. There were 417 buyers in attendance at the Gloucester auction on 2 October, 62% of whom were online bidders.”
The report comes at the same time as Scania instigating a reshuffle to reinforce their commitment to the used vehicle market. This has seen Peter Ross’ role now focusing solely on Used and Export Sales. “With Peter concentrating full-time on the service we provide to used vehicle buyers, both at home and abroad, I am confident our used sales operation will now go from a position of strength to an even higher level in terms of its scale, scope and reach.” commented Managing Director, Claes Jacobsson.