More buyers are attending physical auctions to buy higher mileage used LCVs, according to Shoreham Vehicle Auctions (SVA).
The remarketing firm said older and higher mileage vans typically receive fewer bids online, with buyers returning to auction halls to inspect vehicles before committing to a purchase.
SVA’s MD Alex Wright said: “Typically, we are seeing more higher mileage vans coming into the market and buyers are having to inspect them at close quarters before making a bid, especially as prices are still high. Based on our 2022 LCV sales the market has definitely cooled down from 2021 and prices may have reached a ceiling.
“However, the global shortage of new vehicles is helping keep demand strong which gives the market stability against the backdrop of an ever-changing economy.”
SMEs are increasingly deciding to opt for a replacement used van rather than signing up for long term finance on a new van, due to the uncertain economy many. Some are forced to buy a used van due to the continuing long lead times of new vans.
Rental companies are still buying used LCVs and cars at auction to meet their needs, especially those who were in previous buy back deals with manufacturers which have now been scrapped. Smaller car derived and medium sized panel vans continue to prosper due to rising fuel costs.
“Our Tuesday LCV sales have been vibrant with buyers which is good to see. Buyer numbers are certainly back to where they were pre-pandemic and when our economy is continually changing dealers want to see what is happening at auction for themselves.
“Online bidding has been such an important part of the remarketing industry, but nothing replaces the power of buyers being able to physically inspect an older vehicle before it goes under the hammer,” said Wright.