Average price of used vans rise

used van

The average sale price of used vans is rising

 

According to Manheim’s Market Analysis, the average price of used vans sold at auction has risen by 10.3% since last year. To put it into monetary terms, this is an increase of around £438 despite the fact that on average the vans being sold are approximately one month older and have 263 more miles on the clock. The rising price of vans is in contrast to the sale prices of cars which have remained fairly consistent.

 

The rise in prices has followed a pattern of strong sales throughout most of 2014 where between January 2014 and July 2014 the average prices of used vans rose by 30% and August saw higher than average growth. Vans are also achieving a higher percentage of their original price too, up to 28%, compared to 26% this time last year.  Auction footfall has also increased and the option to bid online may also affect the selling price of vans due to increased competition in bidding for the item.

 

The vans sold are usually from commercial fleets that no longer require the use of the vehicles. So while the news of rising prices may be good for them, it is not such good news for the end user who is planning on purchasing vans for their business venture as they’re paying more for a vehicle that is typically older and has done more miles. It is also believed that the rise in prices for used vans could stem from people’s wishes to convert it into an old campervan.

 

The price of used vans can also vary depending on whether the van is diesel or petrol too. Diesel usually commands a higher price simply because diesel vehicles depreciate in value more slowly than petrol vehicles. However, diesel vehicles are also expected to last longer, so that is definitely something to consider when taking the prices into account.

 

We’re interested to see how the increase in used van prices affects motor trade insurance

Photo by Carl Spencer.

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