Low Availability of Large Vans Creating Changing Usage
The fact that large panel vans are increasingly unavailable has created a shift in the type of vehicles that a variety of businesses are using. According to the latest market analysis from Manheim, more businesses are frustrated with the fact that they simply cannot find larger vans and are now choosing to buy car-derived vans and small panel vans, for example Ford Fiesta Van and Transit Connect Van.
At first glance, the continued strength in the price of used vans seems to indicate a general rise, but a closer look reveals that the 9.2% growth rate that has been seen over the last twelve months includes a drop in large panel vans of 14%, while the smaller vans have increased by 8%. This includes average prices of five-year old car-derived vans dropping by just £64 on average since April, with the average mileage increasing by over 1,000 miles. The same holds true of small panel vans, which saw an increase in their average price of 8.5%. Notably, the average mileage in this group fell a significant 9,000 miles, while maintaining an average age of just over five years. The price of large panel vans increased, in part due to the difficulty in finding them.
According to Matthew Davock, head of LCV at Manheim, “The mix of vans has changed over the past twelve months, with many more car-derived and small panel vans coming up for sale. Conversely, the lower volumes of larger panel vans we’re seeing is, we believe, driving a shift in buyer behavior toward smaller vehicles.”