The Manheim figures also highlight a trend in March which saw older, yet slightly lower mileage vehicles enter auctions, compared to February 2014. While the average CDV in March was a month older (57 months) and approximately 4,500 fewer miles on the clock, its value still appreciated by 7.4% from £3,413 to £3,667 during the month.
Conversely, March saw the average age of small panel vans increase from 63 to 74 months, while mileages fell from 86,441 to 78,832 over the period. Accordingly, prices for this segment fell from £4,846 to £4,131. This age/mileage puzzle continued with large panel vans (over 3.0t), which saw values rise in March from £4,825 to £4,999, despite a rise in age from 61 to 62 months and a decrease in average mileages from 103,551 to 98,731.
Commenting on the findings, Matthew Davock, head of LCVs at Manheim, said: ‘March saw a significant injection of ex-utility stock into the market which was characterised by older, yet surprisingly lower mileage vans. This volume spike was in part driven by the close of the financial year.
‘We believe this likely represents an important watershed moment in the wholesale market, signalling what might be the final major tranche of older, extended vans entering the used marketplace. Looking ahead, we predict we will see similar age and mileage profiles, albeit in lower volumes. These older lower mileage vans are good news as they are an attractive price point.’
James Davis, head of commercial vehicles at Manheim, added: ‘Our latest monthly analysis of the van market suggests we may have reached the bottom of the cycle, as far as the age of vehicles at auction is concerned. If we look at the proportion of vans sold that were over five years old, the facts are remarkable. 48% of large panel vans over 3.0t reached this milestone, as did 53% of panel vans under 3.0t and 64% of small panel vans which averaged 94 months of age at remarketing time, just short of eight years old!’