Manheim: Used 4×4 Pick-Ups Prices Pick Up By Almost 50%
Manheim Auction’s Market Analysis for Vans for August reports that average value of 4×4 pick-ups has hit £6,204, some 48.3% higher than in February 2009. This also represented the highest recorded value for 4×4 pick-ups since Manheim began its monthly reporting in 2006 with the previous highest average monthly value recorded in September 2007 at £5,574. Values in the overall wholesale van market were also up by 21.9% over the same period.
The significant rise in average values can in part be apportioned to an increase in the volumes of late plate, low mileage 4×4 pick-ups in recent month, which has been driven primarily by a recovery in values of models over 24 months old. The age and mileage profile for sub 24 month old vehicles has been remarkably stable over the last 12 months with values dipping in Q4 2008 but recovering from February this year. There were dips in average age and mileage of pick-ups over 24 months old during March, April and May while average selling price has shown a dramatic increase since March.
Alex Wright, Sales Director, Commercial Vehicles, Manheim Auctions said: “This significant recovery in used values in the 4×4 pick-up segment in the past six months is a trend that we have been expecting, following the dramatic fall in used wholesale values in the first half of 2008. Whilst the market did stabilise for the remainder of 2008 it wasn’t until March 2009 that the first signs of significant recovery became evident with a 16.9% (£708) month-on-month increase.
There are several major factors that have influenced the recovery. This segment is a mature market in the wholesale arena with well established demand and plenty of choice. Average values were so reasonable at the beginning of the year that many dealers, including a growing number of car dealers, saw the incredible value offered by double-cab, 4×4 pick-ups. With 4×4 pick-ups categorised as commercial vehicles they would have avoided the Government’s planned retrospective road fund licence increases.
We will continue to monitor stock levels closely as any reduction in current volumes could result in further increases in values as supply fails to keep pace with demand.”
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