Used values soar as van and truck shortages continue

A lack of key components such as semiconductors has led to a cut in commercial vehicle production. The shortfall, plus a boom in demand triggered by the home delivery explosion, means waiting lists for deliveries of some new vehicles are stretching into next year.

“Order a Eurocargo 18-tonner and we should be able to get it to you this year,” says Iveco UK business line director, truck Gareth Lumsdaine.

“If you want an S-Way tractor unit, however, then you may have to wait until the first quarter of 2022,” he adds.

Renault Trucks is citing 2022 delivery dates for certain models. So is Ford, which says that its bank of unfulfilled orders is bigger than it has ever been.

“Some truck manufacturers are now quoting quarter three or quarter four of next year for deliveries,” says Asset Alliance Group sales director James Jenkins. “I’ve worked in this industry for 25 years and have never seen anything like it.”

In response, fleets are asking for leases to be extended until replacements for their existing vehicles arrive.

As a consequence, the latter are not being released onto the used market. The resulting shortage means that used values are soaring.