Used van values reach one-year high

The average price of a wholesale used van hit £4,156 in June, the highest levels seen since 2010.

Motortrader.com reports that this accounts for an 8.2 per cent increase, citing a report by an online sales specialist.

This increase has mainly been attributed to a fall in the average age of vehicles available on the market - from three months to 54 months. Their average mileages also followed suit - from 2,484 to 73,578 miles.

For those looking to purchase a new van, these figures suggest that long-term van hire may be a cheaper alternative to buying until prices stabilise.

By way of explanation, James Davis, a general manager for commercial vehicles sales and the report's commissioner, said: "Detailed scrutiny of each market segment is required in order to explain headline price movements in the wholesale van marketplace."

Davis added that it was inevitable that the overall reduction in average age and mileage has resulted in an increase in average sale value.

"Annual mileage has been increasing in the small panel van segment over the last thirteen months but falling in the large panel van segments despite average age remaining relatively constant in the latter.

"This reflects the wider application and greater usage of small panel vans, specifically when compared with the 3.5t 'workhorse' segment."

The expert, who was also cited by Torquezilla.com, explained that the 'workhorse' segments "used market performances and de-fleet volumes are more closely related to the overall performance of the economy."