Average used van price falls but still 42% up on pre-pandemic values

Prices have now settled to what Cox Automotive believes represents the new normal for the used light commercial vehicle (LCV) market.

The average selling price is now £9,364, down 1.7% year-on-year and 10.8% lower than the highs of 2021. However, it is still 42% ahead of the pre-pandemic average.

The company recorded a 32% year-on-year increase in the number of LCVs sold through its Manheim Auction Services brand during June, July and August, with 75.5% selling first time.

Cox Automotive reports the volumes it is handling are now comparable to pre-pandemic market levels, despite new LCV registrations still trailing about 14% behind those seen in 2018/19. 

With many fleets running their van fleets for longer, it is perhaps no surprise that the average mileage has increased by more than 9,000 miles and the average van is 10 months older than it was in 2019.

The average age of LCVs is now 67 months while average mileage is 78,555.

Matthew Davock, director of Manheim Commercial Vehicles at Cox Automotive, says that it’s been an “outstanding summer” for LCV sales.

“The appetite we’ve seen during this 12-week period points to a market that has established a new sense of normality,” he added.

“Prices have settled from the super-heated immediate post-pandemic high to what we believe will be the level we should expect for the rest of this year.”

Davock explains that the laws of supply and demand continue to assert themselves on the used LCV market. “Despite the average van now commanding £2,795 more than its 2019 equivalent, it is 10 months older and carrying 9,222 more miles,” he said.

“The positive month-on-month increase in new LCV registrations recorded by the SMMT this year has helped see additional volumes reach the used market, but sustained trade demand means prices remain strong, despite a 12-15% price guide reduction for some models during same period.

“There is a particular shortage of sub 60,000 mile stock; in 2019, almost half (46%) of auction entries met this criteria, whereas now the proportion has fallen to just 24%.”

Last week, Cox Automotive announced it was extending its hybrid sales programme with the launch of a new physical sales from its Manheim site in Shotts, Scotland.