Performance of the used van market has now smashed all pre-recessionary records, according to Manheim.
Analysis from the remarketing giant's commercial vehicle team shows that, despite vans being an average of nine months older with 12,000 more miles on the clock, buyers in auction halls and online in 2014 are having to bid an average of 45%, or £1,500, more than they would back in 2006 to secure them.
Over the past eight years, the large panel van, the small panel van and the car derived van have seen growth in average selling price of anywhere between 20% and 50%. This is a remarkable statistic, says Manheim, as it highlights the current market value of used vans with a period when the UK economy was acknowledged as performing at its very strongest with 2007's record new van registrations.
Large panel van stock saw its average age increase by six months (from 54 to 60) and its mileage rise by 8,000 miles (from 93,000 to 101,000) during the period of quarter 1, 2006 to quarter 1, 2014. Despite these rises in age and mileage, this van sector saw its used value rocket by 42% (£1,470) over the eight year period.
Similarly, the car-derived van also saw a rise in age of half a year to 58 months and an additional 12,000 miles on the clock. Demand for this price range of van is o strong, as values rose over this period by 59%, an increase in value of £1,272.
The small panel van saw a significant hike in age from 41 to 68, a rise of 27 months, as well as 4,000 more miles on the clock. Not only reaching maturity over the last eight years, this van segment is now older than its larger (over 3.5t) panel van cousin. Average annual mileage is considerably lower for this niche and reflects deferred disposals from authority and utility sources. Despite this, average selling price rose by 20% or £584 over the eight year period.
Matthew Davock, head of light commercial vehicles at Manheim, said: "Our typical five year reporting window now frames the used van market performance from the depths of recession back in 2009. To provide more intelligence and perspective, we extended the reporting time window to eight years; taking into account the last period of record market performance. What we discovered even took us by surprise."
James Davis, head of commercial vehicles at Manheim, said: "The latest 2014 SMMT forecasts are predicting we'll smash the 300,000 new van registration barrier for the first time since 2007. 2014 has seen a record number of new vans launched; more than in 2006 when the record was last set. The historic market performance we've revealed with this analysis speaks for itself. There can be no doubt that we're experiencing record average selling prices."