Year-on-year values are also up by nearly 10% as the relative shortage of retail quality LCVs continues.
At £5,654, the average value of a van sold at BCA in October was the second highest on record and just £4 behind the all-time record achieved in August of this year. Part-exchange values increased sharply, nearly-new values also improved while fleet & lease values stalled slightly over the month. Year-on-year values remain well ahead by £503 (9.7%), with age and mileage falling. Performance against CAP was down by just over half a point compared to 2013.
Year-on-year table: All vans
|
All vans |
Avg Age (mnths) |
Avg Mileage |
Avg Value |
Sale vs CAP |
|
Oct 2013 |
59.28 |
80,725 |
£5,151 |
103.90% |
|
Oct 2014 |
56.08 |
78,885 |
£5,654 |
103.28% |
BCA’s general manager – commercial vehicles, Duncan Ward, commented: ‘Demand remains strong in the used LCV market, a result of the improving economy and relative shortage of good quality stock. There has been plenty of competition for LCVs that are in ready-to-retail condition and values for the best examples will outstrip price guide expectations by a considerable margin.
‘With the demands on the parcel delivery and courier sector growing rapidly as the Christmas season approaches, values for larger panel vans have increased sharply with buyers even paying well over book values for vehicles requiring refurbishment. The budget van sector is also buoyant, with average values for part-exchange stock peaking in October.’
Values for fleet and lease LCVs averaged £6,527 in October – down by just £23 on September – with CAP performance averaging 102% and retained value against Manufacturer Recommended Price increasing to just under 37%. Year-on-year, values were up by just £9, with performance against CAP down by half a point on 2013.
Year-on-year table: Fleet & lease vans
|
Fleet/Lease |
Avg Age (mnths) |
Avg Mileage |
Avg Value |
Sale vs CAP |
Sale vs MRP |
|
Oct 2013 |
40.84 |
69,547 |
£6,518 |
103.16% | 47.49% |
|
Oct 2014 |
41.47 |
71,575 |
£6,527 |
102.06% | 36.99% |
Part-exchange LCV values improved sharply in October, rising by £184 (4.9%) to a new record level of £3,875. CAP average comparisons improved again to 107.8% and continue to outperform the fleet & lease sector by a considerable margin. Year-on-year values remain ahead by £374 or 10.6%, with the average van being three months older but a similar mileage compared to last year.
Year-on-year table: Part-Ex vans
|
Part-Ex |
Avg Age (mnths) |
Avg Mileage |
Avg Value |
Sale vs CAP |
|
Oct 2013 |
79.44 |
94,251 |
£3,501 |
106.09% |
|
Oct 2014 |
82.20 |
94,188 |
£3,875 |
107.87% |
Nearly-new LCV values averaged £12,827 in October, a small rise of £98 (0.7%) compared to September with CAP comparisons falling to 97.47% over the month. As always, this has to be taken in the context of the very low volumes reaching the market and the model mix factor.
|
Nearly-new |
Avg Age (mnths) |
Avg Mileage |
Avg Value |
Sale vs CAP |
|
Oct 2014 |
8.30 |
10,378 |
£12,827 |
97.47% |