Recently we have been reporting on all the new vans that are set to hit the commercial vehicle industry but for many, a new van is simply out the question. If you are self employed tradesman it is more likely that you are purchasing second hand vehicles.
Unfortunately for those buying these vehicles, it has been reported by the British Car Auctions that the average price of a used van during March was £4,860. This is the highest that has been recorded by the British Car Auctions since they started in 2005. Of course, if you are selling though, this is great news.
Age and Mileage
Not only has the average price increased, so has the average age and mileage which means that if you are buying you are getting a lot less for your money. The average age of the vehicles sold in March was 58.8 months which is a month on month increase of 4 months. The older the vehicle, the more miles it is likely to have done and the average mileage recorded in March was 80,800 miles. This is a month on month increase of 2,100. The issue with an older van that has gone more miles means that maintenance repairs are more likely. On top of more frequent repairs, you will also be paying for your fuel and van insurance too. Having said this though, a second hand vehicle is cheaper than a new one so money has already been saved in this respect.
British Car Auctions
Duncan Ward is the general manager at British Car Auctions and he has said, “Values remained strong in the run-up to Easter, 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.
“In fact the market has been even more competitive over the past few weeks and well-presented LCV’s are routinely outperforming guide expectations; often by a considerable amount. The auction halls have been very busy across the BCA network, while the number of buyers participating via BCA Live Online continues to rise.
“We know from what experience that in the majority of previous years values have typically softened over the late spring and summer months. However, we saw little sign of that in 2012 as values remained relatively steady until the autumn when they rose quite sharply. So, second-guessing what trends might emerge this year is less straightforward.”