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Van ownership still preferred over leasing
Page 46
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THE DEPARTMENT OF Transport (DfT) has released preliminary findings into the composition of the UK van fleet, with 59% of the 3.2 million LCVs owned by companies, and 12% by rental firms. The rest are owned by private individuals. Almost a third of the mileage was in delivery and collection of goods, but this accounts for only 21% of the vehicles.
More than half of the vans in the UK are bought secondhand, with just 46% bought new, although the rental market is mainly kitted out with first-life vehicles, which boosts the figures.
The figures suggest that there is a strong ownership culture among van users.
Rental companies such as Northgate are arguing that company cashflow can be improved by sale and leaseback schemes. However, while rental may be a useful option for firms in the market for LCVs, those that already own vans may be well advised not to sell when residuals are so low.
In the long run, depreciation of retained assets can also work in favour for your cashf low position.
The DfT survey strikes one worrying note, however. Less than half the van drivers questioned said they had a working knowledge of the drivers' hours rules governing LCVs of 3.5 tonnes and over. A quarter of those asked had no knowledge of them at ail, and 9% declined to comment.
• The early findings can be found at: www.dft.gov.uWprg/statistics/ datatablespublications/freight/ vanactivitybaseline08/vabs08.pdf