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Used Van Prices Remain High Due to Short Supply

Data from the British Car Auctions shows that the prices for used and second hand vans remains at an all-time high and may continue to rise due to a lack of stock in the market.  The high prices are likely to be the result of low van sales in 2008 and 2009 and the reduced rate at which owners are selling their vehicles on.

Used Van Prices Remain High Due to Short SupplyUsed vans that are coming up for sale are generally older and have a higher mileage, indicating that commercial vehicles are being kept for longer and more time being taken before upgrading.  British Car Auctions’ general manager – commercial vehicles, Duncan Ward, stated “the average van being sold at just under five years old, this will be reflected in the volume of used vans reaching the wholesale markets in 2014.”

The BCA is reporting that average commercial vehicle values have risen consistently during the past 12 months and a rising demand is expected as the economy starts to recover, 2014 could be another record year for used van resale prices.  The average van prices is up by 42.9% compared with five years ago, despite the average used van being nearly 12 months older and having been driven 9000 more miles.

Average used van values have been relatively higher since last September 2012 and reached a 20-month high in January 2013.   May saw values rise in all three sectors, those being dealer part-exchange, fleet / lease and nearly new – but supply and demand across all remaining finely balanced.  Values remained effectively static in the fleet & lease LCV sector in May, rising by just £5 compared to April.

Duncan Ward said of the trends “demand has been right across the board, from older higher mileage vans through to younger ex-fleet and lease vehicles, while the few late-plate light commercials on offer can make exceptional values.  The end result has been record-breaking average values for fleet/lease and dealer P/X vehicles. As always, good condition is the key and vans with a nice specification and in an attractive retail colour are very desirable.”

Ward went on to say “there is steady demand for the best examples in the wholesale arena, but sellers need to be aware that buyer confidence is quite fragile despite the relative shortage of stock.”  For new and used vans in and around Scotland, the Western Van Centre has branches in Glasgow, Edinburgh and Bellshill.

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