Van Market Performance Hits New Record
Manheim, the auction service company, has reported that van values in October hit an all time high of £4,909 average selling price for the month of October. This number is the highest recorded since the company began keeping track of values seven years ago. Perhaps more importantly than the overall record is the fact that this number represents a startling 15% over the numbers recorded in the same month in 2013. Despite the fact that the vehicles sold in October were on average two months older and had 4,100 more miles on their odometer, the values rose by 4.6% over those seen just last month.
Experts looking closely at the new numbers say that they are starting to see a two-tier pattern in van values. This may be a result of the percentage of vans over the age of 60 months, which is on the rise. Over 40% of October sales were of vans older than 60 months, and the same was true of small panel vans. Both had average van ages of over 95 months. Experts are seeing a continuation of the chronic stock shortages, and say that it is creating strong demand for vans regardless of age, mileage and damage. They do not see this trend stopping anytime soon.
According o Matthew Davock, head of LCV at Manheim, “This October we’ve witnessed the highest average van sale price since our records began. There is an insatiable appetite for good quality stock. Coupled with the significant stock shortages, we’ve seen a steady increase in values for the last quarter. This looks likely to run until the end of the year and beyond.”