“The average age recorded was a whopping 74 months (six years of age) on average at Manheim throughout 2023,” he said.
“This meant stock on average was nine months older than 2022 levels and 14 months older on average than pre-pandemic market levels. An alarming market statistic was that only 12% of the stock on offer to buyers was between one to three years of age. This was 44% in 2019.” Alex Wright, managing director
at Shoreham Vehicle Auctions has observed a shift in values in certain areas. “We have seen some big changes in the market in 2023 but the used van market has been very resilient,” he said.
“It has remained consistent throughout the full 12 months, although there were market corrections in certain areas, such as chassis cabs, Lutons, tippers and double cabs, that experienced a fall in prices. Late and low prices also came down from their previous high levels.” Auction firm Aston Barclay experienced a good year, according to Geoff Flood, head of LCV.
“[It] was a record year for the LCV business with over 300 vendors selling over 10,000 used LCVs. Vendors and buyers like our hybrid physical and online sales approach and this has translated into more buyers and more vendors visiting our sites, which has
kept prices and conversion rates at consistent levels,” he said. Perhaps as a result of an increase in the number of older, higher-mileage vehicles being disposed of, Flood says trade bidders are being more selective. “Currently the most in-demand used stock at auction includes LCVs between 65 to 68-plates in age with a good service history and in reasonable condition, priced between £10 to £12,000. “We are predicting this trend will continue with vendors telling us that more used ex-fleet vehicles of this age and condition are coming through in the first four months of 2024, which should balance supply with demand.”
Also noting the changes that were seen during the last year is Gary Sullivan, managing director of Van Monster, who remarked: “The market enters 2024 with demand balanced with supply, which is very different from early 2023, which saw us sell everything that we could get our hands on, irrespective of mileage of condition.” He added: “New vehicle supply has improved but it’s still nowhere near where it needs to be to cater for the demand of larger fleets. This continues to contribute to an older van parc with used LCVs coming off the market older, with higher mileage and many vehicles with damage.”
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