CommercialFleet

Ex-fleet van values at record levels

LCV fleet values were up by almost a third in November 2013, compared to 2012, according to BCA.

However, average values for all vans fell by £42 to £5,109 in November, largely as a result of a change in model mix as dealer part-exchange volumes increased during the month. 

The average November figure of £5,109 for all LCVs was the third highest on record and the fourth month in a row that values exceeded £5K.  

Reflecting that the percentage of older dealer part-exchange vans rose during the month, both the average age and mileage for vans sold rose.   

Year-on-year values remain well ahead, up by £859 and equivalent to a 20.2% uplift over the 12-month period that is one of the highest on record. 

Average CAP performance fell back by half a point to 103.4% compared to October and was up by 3.5 points compared to a year ago.

Year-on-year table: All vans

All vans

Avg Age (mnths)

Avg Mileage

Avg Value

Sale vs CAP

Nov 2012

59.74

81,408

£4,250

99.98%

Nov 2013

60.95

81,951

£5,109

103.42%

 

Duncan Ward, general manager – commercial vehicles at BCA, said:“While there was a small dip in the headline value in November, this was as a result of a subtle change in model mix rather than any fall in demand. 

"With fleet/lease LCVs in such short supply, relatively greater numbers of dealer part-exchange vehicles were sold and these are typically older, higher mileage and a lower average value.”

“Professional buyers who typically bid on corporate vans at auction are finding it harder to source these vehicles and have to pay more to secure the best retail-ready examples.

"November saw corporate stock rise significantly and we expect that to be maintained in December as the shorter trading month means there are fewer opportunities to buy. 

"Looking at the year-on-year price differential, corporate van values are a third higher in 2013 compared to last year.”

Values in the fleet & lease LCV sector improved by £302 (4.6%) in November to £6,820 – the fourth consecutive month a record value has been achieved. 

Performance against CAP improved slightly to 103.23%, while retained value against Manufacturer Recommended Price (MRP) rose by a point to 38.40%. 

November recorded a year-on-year value differential of £1,713 (33.5%) in the fleet and lease sector, with average age and mileage down over the year. 

Retained value against MRP improved by 6.5 points over the year.

Year-on-year table: Fleet and lease vans

Fleet/Lease

Avg Age (mnths)

Avg Mileage

Avg Value

Sale vs CAP

Sale vs MRP

Nov 2012

44.78

72,074

£5,107

99.67%

31.90%

Nov 2013

41.58

68,039

£6,820

103.23%

38.40%

 

Part-exchange van values fell back by £47 (1.3%) from October, to settle at £3,454 – but this was still the thirds highest average value on record in the sector.

CAP comparisons fell back by two points compared to October to 104.12%, but continue to outperform the fleet & lease sector. 

Year-on-year values remain ahead by £553 or 19.0%, with average age declining and mileage rising marginally compared to a year ago. 

Year-on-year table: Part-Ex vans

 

Part-Ex

Avg Age (mnths)

Avg Mileage

Avg Value

Sale vs CAP

Nov 2012

80.46

95,168

£2,910

99.77%

Nov 2013

78.55

95,637

£3,454

104.12%

 

Nearly-new LCV values declined by £261 to £13,017 in November, with CAP performance improving by 1.5 points to 100.01%. 

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

Nov 2013

9.18

10,243

£13,017

100.01%

 

 

 



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