The market for used light commercial vehicles saw the average age being sold at auction decreasing by 64 months, as younger versions begin to dominate the sector.
The National Association of Motor Auctions (NAMA) has revealed in its July market report that, along with the average age of LCVs decreasing, the average cost has increased by 2.2% from £4,645 to £4,839.
The data also showed that the volume of light commercial vehicles available at auction in July increased by 3.8% on June, and that the average number of days the vehicles remained on site decreased to just over 14 days.
Alex Wright, Chairman of NAMA Commercial Vehicle Group, said that July also saw more vans sold at auction compared to June with 329 more vehicles being snapped up, while the overall mileage decreased by 3.5% on last month to 81,393 miles on the clock.
“Despite predictions that with increased volume, prices would decrease, we are seeing the opposite happening, added Wright. “July saw volumes up by 20% and prices up by 19%. The economy is growing and this is reflected in the commercial market.
“The eight year and older market has dominated the sector for a long time, starving buyers of younger stock, but the yellow line is finally shrinking and later plate vehicles are slowly appearing. We predict this trend will continue and the four to five-year-old vehicles will take over as more enter the market.
“Once again the market data presented in this NAMA report illustrates the underlying strength of demand for LCVs at all years and clearly bodes well for sales prospects over the coming months.”
NAMA’s figures come after the LCV sector continued to post strong new registration figures in July.
Data from the Society of Motor Manufacturers and Traders (SMMT) showed positive signs for the overall van sector, as it recorded a 34.5% increase on the same month last year pushing the year-to-date figures to 18.9% ahead of 2013.
