Wholesale used van values fell by just 1.3% (£54 to £4,013) in 2011 despite a significant increase in average age of nine months to 59 months and an increase in average mileage of 11,889 miles to 82,445.
According to the latest monthly market analysis from Manheim the “well observed laws of supply and demand” were responsible for driving average sale values higher.
Examples of increases in 2011 include car derived vans up 2.0% (£51 to £2,611), small panel vans up 9.7% (£378 to £4,273) and 4x4s up 10.5% (£712 to £7,487).
Meanwhile large panel vans >3.0t fell 1.8% (£77 to £4,197), buses fell 6.0% (£358 to £5,565) and tippers fell 25.8% (£1,655 to £4,760). Manheim said the significant fall in tipper values in 2011 can be attributed to a greater than average increase in age of 25 months to 67 months and in mileage of 21,973 miles to 69,816.
James Davis, Manheim Remarketing director of commercial vehicles, said: “When looking back to December 2010 it is easy to forget the frenzied market conditions we were experiencing at that time.
“In the last quarter of 2010 and the first quarter of 2011 there was a considerable influx of stock from high profile business failures.
“Fast forward a year and, with sold volume down nearly a third, the average age of vans sold by Manheim in December 2011 was nine months higher with nearly 12,000 more miles than in the same month of 2010.
“It is simply the well observed laws of supply and demand that have conspired to drive average sale values higher.
“To see values effectively holding level in light of a clearly different product mix is an indictment of the strength of the wholesale van marketplace.
“Never before has such a swing in age and mileage been observed in such a short period.”
However, Davis does still urge caution for 2012. He expects conversion rates to bounce back post seasonality; demand for duplicate and damaged stock will continue to track at levels observed from the middle of last year.