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Prices level off
Page 106
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• Used HGV prices have reached a plateau and the general feeling in the trade is that they are unlikely to get very much worse.
CAP Red Book's latest report on the marketplace says the dramatic drop in values has slowed right down, and the recent interest-rate rise will not have a big impact on the market. "There may be nothing to shout about, but there is nothing to get too depressed about either — business is still being done," says Peter Jagger, senior editor of CAP's commercial vehicle division.
"Though managers at large auction centres complain of the drop in numbers of buyers attending auctions, many vehicles are still being sold," he reports.
Jagger attributes the continuing fall in prices to buyers from the South no longer travelling to the Midlands and the North as they curb their spending. "Dealers, for example, cannot afford to maintain high stocks — an observation borne out by many auction houses which forsee an increase in entries as unnecessary stock is cleared out."
But with Christmas fast approaching, Jagger says anything with parcel-moving potential should do reasonably well. "The comparatively mild weather is also good news for dropsides, tippers and pickups, although not for Land Rovers and other 4WD utility vehicles."
Jagger says that as the price gap with late model, 1989registered vehicles continues to widen, so the relatively low cost of buying a year-old used product has become more appealing. "But the 16-17tonne market continues to struggle," he warns, "because demand is not sufficient to soak up the numbers of vehicles being disposed of by the contract hire, rental and leasing side of the market."
The CAP report also reveals sharp depreciation of many tractors with the Cummins 10litre engine. It says confidence within the trade in this unit is variable, with many purchasers turning back to the established, more powerful, (and more expensive) 14-litre version. "Recent reports have shown up deficiencies in reliability and durability of the L10 engine compared with the 14-litre model," claims Jagger. "Many dealers are unwilling to touch the smaller engine unless prices are significantly below those of the E290 models. The gap between them is now widening even more." (See News Headlines pages 4-5).