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13CA says LCV prices slipped again in October
Page 52
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THE AVERAGE value for a light CV fell in October, reports British Car Auctions. It was the biggest slump since June.
The auction firm announced that the average selling price for vans dropped 2107 to £3,083, which is a fall of 3.3%. Since January 2008, the price has reduced by £785.
Duncan Ward, BCA's UK business development manager for commercial vehicles, says: "Fleet and lease vans represent the biggest volume sector at auction, and the most consistent pressure in terms of price has been felt here.
"While there was a small rally in April for fleet and lease vans, prices have generally been moving down all year; they are now £808 — or 19.4% — behind the January highpoint," he says.
Ward highlights the average prices against book prices as another indicator. He explains: "Most notably, the guide prices appear to be out of step with the market realities being faced by vendors. During the January peak, fleet and lease vans averaged over 93% of CAP, yet now that figure is 77% — on stock that is actually younger and lower mileage," he says.
"This sector relies on a steady and confident economy for the small businesses and sole traders who are strong buyers in this price range and age of stock, either directly or via a retailer. "As the economic turmoil has intensified, small business confidence has ebbed away and this is reflected in van-buying activity," he says. "It remains to be seen if the recent1.5% base rate cut will stimulate activity in the short term."
The nearly-new market has also suffered, falling £1,777 from the start of the year to £9,286 in October, although the values are holding up against book prices.
Part-exchange prices have also dropped from £2,322 in January to £1,938 last month.
But the pre-£2,000 budget sector remains upbeat. Ward says professional buyers know that vans in this price range "can often be retailed without resorting to finance, which has helped to keep a little more buoyancy in this sector".