Values in the fleet & lease LCV sector improved by £302 (4.6%) in November to £6,820 – the fourth consecutive month a record value has been achieved. Performance against CAP improved slightly to 103.23%, while retained value against Manufacturer Recommended Price (MRP) rose by a point to 38.40%. November recorded a year-on-year value differential of £1,713 (33.5%) in the fleet and lease sector, with average age and mileage down over the year. Retained value against MRP improved by 6.5 points over the year.
Year-on-year table: Fleet & lease vans
|
Fleet/Lease |
Avg Age (mnths) |
Avg Mileage |
Avg Value |
Sale vs CAP |
Sale vs MRP |
|
Nov 2012 |
72,074 |
£5,107 |
|||
|
Nov 2013 |
68,039 |
£6,820 |
However, average values for light commercial vehicles declined by £42 (0.8%) in November, largely as a result of a change in model mix as dealer part-exchange volumes increased during the month. November’s average value was one of the highest since Pulse began reporting in 2005 and the year-on-year percentage uplift was the highest ever recorded.
Duncan Ward, BCA’s general manager – commercial vehicles, commented: ‘While there was a small dip in the headline value in November, this was as a result of a subtle change in model mix rather than any fall in demand. With fleet/lease LCVs in such short supply, relatively greater numbers of dealer part-exchange vehicles were sold and these are typically older, higher mileage and a lower average value.
‘Professional buyers who typically bid on corporate vans at auction are finding it harder to source these vehicles and have to pay more to secure the best retail-ready examples. November saw corporate stock rise significantly and we expect that to be maintained in December as the shorter trading month means there are fewer opportunities to buy. Looking at the year-on-year price differential, corporate van values are a third higher in 2013 compared to last year.’