USED LCV values improved across the board in April by £44 (1%) – with prices for ex-fleet and lease vehicles leading the way – to reach £4,271 as average age, mileage andCAPperformance remained virtually static compared to March.
Average values remain relatively strong in 2012, following the 20-month high recorded in January and BCA’s data shows average values also improved in the dealer part-exchange sectors – reversing falls seen the previous month in both cases. Values slipped in the very low volume nearly-new van sector, but that was as a result of model mix.
However, supplies of good quality vans reaching the wholesale market remain limited and competition from buyers for the best examples remains intense. That is seen most clearly in the year-on-year figures where values have improved significantly even with age and mileage rising.
Year-on-year, April 2012 was £302 (7.6%) ahead of the same month in 2011 (£3,969), despite the average age climbing by six months to 57 months and average mileage being 5,500 miles higher at 78,000. Performance againstCAPalso improved year-on-year, up nearly one and a half points to 98.9%.
Duncan Ward BCA’s general manager – commercial vehicles, said: ‘The overall market peaked in January this year, and values have flattened out in the following three months. But looking at the individual sectors paints a slightly different picture. Fleet values dipped in February but have risen since then – April values were identical to those recorded in January and are the highest in two years. This is despite average age and mileage rising and further underlines the shortage of stock as buyers are paying more in 2012 for older, higher mileage vans than they were a year ago.’
Ward added: ‘Previous years suggest the summer months are relatively flat, with a significant spike in values in the early autumn. The difficult economic conditions mean that many businesses may defer changing their vehicles until there are signs of improvement. Countering this, many new small businesses and sole traders are starting up and a van is often one of the first things on the shopping list.’
Fleet and lease LCV values in April increased by £127 (2.5%) to £5,108 compared to March. Fleet vans averaged 99.1% ofCAPover the month, a marginal rise compared to March. Retained value against manufacturer recommended price over 44 months and 70,000 miles was 32.55%, down slightly on last month. Year-on-year, April 2012 was £587 (13%) ahead of the same month last year – some of that is value evolution over the period.
Part-exchange values improved by £50 (1.8%) in April to £2,759, largely wiping out the reverse experienced in March and the first month-on-month increase since the turn of the year. Nearly-new values fell by £989 (down 7.9%) to £11,388.