Record year for used HGV prices predicted due to high demand for lorries
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Cox Automotive is predicting a record year for used HGV prices, following high demand for trucks throughout 2021 so far. Many contracts for fleet volumes have been extended into 2022, resulting in a severe shortage of nearly new HGVs, reports the company.
The average selling price of a used HGV reached £13,226 in the summer period, the strongest ever average price on record, writes Cox Automotive in its latest report.
The average age of used HGVs was 197 months, and the average kilometres was recorded at 189,202 km.
Chris Mynott, National HGV Manager at Manheim UK, added lorries today are making 58% more on average compared to pre-pandemic levels.
“Demand for Euro 6 HGV stock is the driving force behind these great numbers we are seeing. There is such a shortage of late plated or nearly new HGV stock, with build times for new kit way off into the latter part of next year at the earliest; the clamber for this product looks set to continue.”
Euro 6 HGVs represented 39% of Manheim sales, with an average age of 57 months and average kms at 228,000 kms. These achieved an average selling price of £18,853, representing a 42% increase versus year-on-year averages.
The reduced number of nearly new HGVs has had a positive effect on the values of older trucks, the report says. During this summer, Manheim has recorded Euro 5 and older truck product representing 61% of all sold volume, with an average age of 284 months and an average kilometre recording of 165,573 kms.
The average selling price was £9,678, representing a 36% increase versus year-on-year averages. The price difference between Euro 5 versus Euro 6 trucks today, is just over £9,000.
Manheim expects this to continue to grow into the last quarter of 2021. It has also reported a strong uptake of export buyers buying stock in the UK to take abroad. The top three volume buyers are from Bulgaria, Poland and Ireland.