Used Van Values Continue To Set Records
The valuation of used commercial vehicles continues to remain high, and set a record for the fourth month in a row according to a report issued by British Car Auctions (BCA).The numbers for both fleet and leased light commercial exceeded 7,000 GBP for the first time ever, while part-exchange van values also rose. Additionally, vans that are considered nearly new were the object of intense competition from buyers vying for vehicles in short supply, and reached record values as well.
Overall, light commercial vehicle values increased to 5,557 GBP, a 3.9% increase over February that marked the highest value since 2005 when Pulse started keeping track of the figures. Fleet and leased van sales also rose.
In other encouraging news, year-over-year values also were up by 14.3%, despite the fact that the average vehicle age has risen by almost two months. Average mileage, on the other hand, has dropped by approximately 3,000 miles.
When asked about the continued improvement, BCA general manager for commercial vehicles, Duncan Ward, said, “Values remained strong in March as the combination of limited supply and good levels of demand in the remarketing sector saw prices rise for corporate stock and older dealer part-exchange vans. LCV values have been universally strong throughout the first quarter of this year and are significantly higher than the same period last year.”
He expects the numbers to continue strong through April, but also expressed concern that the pace might slow after Easter.