Used Van Prices Continue to Rise
For the third quarter in a row, there was an increase in the average price of previously-owned vans that were sold via Autorola’s online platform, with the third quarter marking record highs. The first quarter of 2014 showed prices increasing from £9,605 to £10,513 in the second quarter, representing an increase of just under 10%. This was not only an all-time average high for the company, but also marked a rise of over 30% between the fourth quarter of 2013 and the second quarter of 2014. Market analysts are reviewing the data and using it to back up their predictions that the used van market will continue to climb.
Autorola specializes in selling vehicles that have previously been used by utility companies, rental companies, franchised dealers and manufacturers. A careful review of which of their inventory is selling shows the most energy and interest being focused on vans that are between 24 and 30 months old.
Neil Frost is Autorola UK’s operations director. He said, “More ex-fleet stock is coming back into the used market at 5-6 years of age with higher mileages and in a tired condition. This has helped increase demand for the newer used stock on our platform. SMEs are still buying used vans typically under £10,000 as they continue to grow, but struggle to get financing to buy a new van. With the holiday season nearly upon us and with the economy continuing to thrive it will be interesting to see whether prices stabilize in Q3 2014 or continue to rise.