Used vans achieved five-figure average selling prices for the fourth consecutive month in September, reaching record highs at Manheim auctions.
The Cox Automotive business recorded an average selling price of £10,930 in September, after last month’s previous record set at £10,554.
Both the average mileage and average age of vans sold at auction were the highest seen all year, indicating how competitive buyers are becoming for LCV stock as they clamour for typically older van profiles.
The average selling price in September represents a year-on-year growth of 30% and a pre-pandemic growth of 79%. The percentage of volume sold at auction was 12% higher than August’s results.
Matthew Davock, director of Commercial Vehicles at Cox Automotive, said: “I was hoping the used van market would see some signs of recovery this month, but instead we had a staggeringly large increase in the average selling price. While we welcome the current appetite for used vans, I do feel that buyers are going to need to continue their strong appetite for buying stock through the winter. The current situation will continue for some time.”
September’s stock profile was represented by 57% Euro6 and 43% Euro5 or older product. Davock expects the percentage to be closer to 50/50 for October, based on the increase in stock profile prediction.
The average price of Euro6 vans increased by £953 in September, compared to August’s results, and to another new record of £14,675. The stock profile was broadly in line with the average age being 0.6 months younger, yet 1,500 miles higher compared to August.
Manheim saw demand for Euro6 vans continue with high interest in large panel vans throughout the month. Two- to three-year-old Mercedes Sprinter, Ford Transit and Volkswagen Crafter models within the medium to large panel van sector, were some of the most sought-after models.
Davock added: “Larger vans are all very much in demand now, due to the amount of delivery drivers we have on our roads and because of the retail demand in the run up to Christmas. Urgency for this product is clear as we enter the last quarter of 2021 and buyers are prepared to pay for them as new vans are still so difficult to get hold of.”