Average wholesale used van values fell by 4% (£172 to £4,123) in May, according to Manheim’s latest monthly Market Analysis for Vans.
Overall average age fell by one month to 59 months and average mileage was up by just 93 miles to 80,515. When compared with May 2011, average values were 7.3% (£282) higher, average age was two months higher and mileage was up 4,453.
Average values for Car Derived Vans, which now account for 33% of total volume up from 28% in April, remained static with an increase of just 0.5% (£13 to £2,781) while Small Panel Vans increased by 6.8% (£284 to £4,441).
The remaining volume vehicle segments all experienced falls in average values; Large Panel Vans <3.0t were down 3.2% (£134 to £4,026), Large Panel Vans
>3.0t were down 3.5% (£156 to £4,356) and 4x4 values fell 7.8% (£581 to £6,892).
James Davis, director of commercial vehicles, Manheim Remarketing, said: “When the wholesale market enters a period of seasonal ‘softening’ of values it is worth subjecting the headlines to closer scrutiny and the 4% fall in average values in May needs to be put into perspective.
“When you consider that values are still £282 higher year-on-year, despite the older and higher mileage vehicles we are seeing in 2012 that suggests that supply is meeting demand.
“As we move into the traditionally quiet summer months the market is beginning to show signs of toughening up. Buyers are attending the sales but are not chasing too much stock.
“Vendors with clean or rare stock are seeing plenty of interest as buyers want something a bit different on their forecourt.
“However the majority of vehicles offered at auction seem to be duplicate stock and in most cases the condition is poor and the mileage high.
“These vehicles will sell but once a buyer has one or two in stock he is not rushing back for more. Many buyers do not expect to see stability return to the market until September with some peaks and troughs in the months to come.”