Does market demand affect a van’s value?
If you’re thinking of selling your van, you may be in a strong position – particularly if you sell to a dealer. Because most van owners hang onto their vehicles until they’re on their last legs, the second-hand market for younger vans (under 10 years old) can be competitive.
However, even if your van was registered after 2014, its value will depend on the market demand. During Covid-19, van prices spiked among regular consumers as well as people needing vans for their business, due to a trend for converting vans into campers. It’s tricky to spot such opportunities for higher value, but being aware of the factors that can influence your asking price is only going to help!
Industry needs, seasonal trends, and economic conditions can cause your van’s value to peak or trough. Understanding these dynamics can help you time your sale for maximum profit and ensure you attract interested buyers.
- Factors beyond market demand affecting van value
- The significance of current market trends
- Van valuation methods
- How to maintain or enhance your van’s value
- When to sell: Timing is everything
- FAQs
Factors beyond market demand affecting van value
Even if demand is peaking, other elements will affect your van’s asking price. If it has sky-high mileage, is in poor condition, is over 10 years old or is lacking in service history, you won’t get as much for it as you may have hoped. Understanding these factors can help you maintain your van’s value and achieve a better resale price.
Key influencing factors:
🧓 Age and mileage
Newer vans with lower mileage can be expected to retain a higher value.
🧽 Condition
Vans in excellent condition, free from dents and rust will have higher asking prices. Regular maintenance and prompt repairs can preserve your van’s condition.
✍️ Service history
A full service history lets buyers know that you’ve kept your van well-maintained – which in turn increases its value. Always keep detailed records of all maintenance and repairs.
🏎️ Modifications
Custom features can either increase or decrease value depending on their quality and relevance. Ensure modifications are professional and add value to the van.
⛽ Fuel type
Most vans are diesel or electric. Both options are still popular with buyers. A petrol van can be expected to have lower MPG, however might suit a specific buyer’s needs – so think about who best to sell your van to, in order to get the best price.
The significance of current market trends
Vans tend to sell quickly – particularly if they are under ten years old. However, this doesn’t mean they’re immune to economic influence. If the economy is strong, businesses are boosted and there’s an increased demand for commercial vehicles. If the economy’s weak, demand drops and so do van prices along with it.
Additionally, changes to policies surrounding sole trader and business taxation and emissions regulations can all have a major effect on whether people are replacing their vans or holding on to them.
Over the last ten years, there’s been a massive increase in online shopping. This has increased the need for workers with delivery vans and bigger corporate van fleets – particularly over festive periods like Christmas.
Van valuation methods
Getting an accurate valuation of your van is key when it comes to selling – and when it comes to getting a fair price. It’s recommended you use online valuation tools – like Motorway’s – that consider the following:
- Make
- Model
- Age
- Mileage
- Condition
- Market
You can check your valuation against private listings and auction sites to benchmark what similar vans are selling for.
You can also have your van professionally valued by dealerships or vehicle inspection services. However, it’s worth remembering that if you sell to a dealer directly, you’re less likely to get as much for your vehicle as you would privately or through Motorway.
How to maintain or enhance your van’s value
Getting the most money for your van when you resell it can be boiled down to a couple of key points. If it’s well looked after and you have records to prove it, you should retain a good resale value.
1. Regular maintenance: Keep up with scheduled servicing to ensure your van runs smoothly. Things like regular oil changes, tyre rotations, and brake checks are essential.
2. Keep detailed records: Maintain a complete service history. Buyers like to see well-documented maintenance records as they make your van seem reliable.
3. Address issues promptly: Fix any mechanical problems or damage immediately to prevent further deterioration.
4. Professional cleaning: Regularly clean the interior and exterior to preserve the van’s appearance. Consider professional detailing for a thorough clean – particularly before you take your sales photos!
5. Quality modifications: If you add features or modify your van, make sure they are quality modifications that add value and are relevant to potential buyers.
When to sell: Timing is everything
If you’re thinking of selling your van, it’s worth doing some research to make sure the market is in a good position.
Try to time your sale to fit in with peak periods. Easy ones to work with are at the end of the year as most businesses have increased activity in January, or just before busy seasons like December when delivery services need more vehicles.
It’s worth also keeping an eye on the economic climate and industry trends. A booming economy means you’re going to get more for your van, whereas a weak one means you get less.
FAQs
Do vans hold value?
Yes, vans generally hold their value well, especially if they’re well-maintained and have a full-service history. Factors like make, model, age, and mileage also affect resale value, with popular models and those in good condition retaining more value.
How do I find out the market value of my van?
To find out the market value of your van, use online valuation tools, check classified ads, and review auction sites for similar vans. Additionally, consult industry guides like CAP HPI and consider getting a professional appraisal from a dealership or vehicle inspection service.
Need to sell your car?
Need to sell your car, or want to understand more about documentation or maintenance?Check out more of our guides here, covering everything from the paperwork you need when buying and selling, to various notices you may need to file with the UK’s driver and vehicle licensing agency.