New vans or used vans – a rock and a hard place

Blog post   •   Sep 07, 2010 17:54 BST

With finance of all types difficult to come by there are fewer van leasing deals available than there were just a couple of years ago.


Go back to the beginning of 2008 and there were hire purchase deals, van contract hire deals and van leasing deals advertised all over the place.


The average van buyer has had to think again, as the hurdles that he has to jump through to get the credit to buy a new van have been set increasingly higher.  Your typical Ford Transit van buyer – a tradesman - let’s say, a builder or plumber used to be able to get a deal for about a couple of hundred pounds a month to drive around in a new van – the cost of going out for a couple of meals a month.


Now with these van leasing deals harder to get he is turning to the used market.  There is a down side to this – namely the prices of used vans are rising as the demand increases. 


In a double whammy effect the supply of newish used vans is set to dry up.  The bottom fell out of the new van market at the middle of 2008.  This means that the number of vans registered since this time is 50% of the numbers registered in previous years.  As we approach 2011, the supply of two-year-old vans will be terribly low.


It is difficult to know what to recommend, as the London van users alo have to consider the imminent Low Emmissions Zone legislation that currently only applies to trucks.  If you buy a van that is too old you won’t be able to drive it in London soon.


My advice?  Don’t hold out.  If you can’t afford a new van or can’t get the necessary credit for one then get yourself a late model used sooner rather than later.  Make sure it is post 2002, but ideally a 2006/2007 model – before everyone catches on.