Today, we’re talking about van resale value. Getting the maximum resale value for your vehicle is something you need to consider when you buy a van. Of course everyone wants to get back the most return when it is time to get a new vehicle, this can have benefits for your wallet and your business’ bank roll.
Things to keep in mind…
When choosing your next van bear in mind that some vans have greater resale value and are more desirable “used” than other vans.
You’ll also want to keep in mind how long you tend to hang on to your van before deciding it’s time to get a new one.
When the time comes, should you sell your van privately or go for a part exchange? The answer to this question can vary greatly depending on how often you use your van and if you purchased it on finance or outright.
To help you make the right choices, we cover this in more details below.
How long do you keep a van before replacing it with a new one?
There is no one answer to this question, as there is no particular mileage limit to indicate when it is time to sell the van and get a new one. As a matter of fact, there are a lot of vehicles that exceed 100,000 miles without the need for a major overhaul. Here are the things you should consider….
– What is the current resale value of your van? You can find out how much your vehicle is worth from a trusted dealer or from a vehicle valuation website (dealers use books or databases of vehicle values to get their base model values before adding in features and taking into account vehicle condition – before cutting it down to a level where they can make a profit).
– Determine how much it will cost to keep your vehicle on the road, we are not talking about oil changes and brake fluid refills here but more on major maintenance, repairs and possible repairs in the next two years. When it comes to the point that it costs more to maintain and keep your old van, then you will be better off investing on a new ride.
– Note that the appearance (i.e. cleanliness, condition) is a factor in the valuation of your van, along with it’s age and mileage – keeping an eye on these factors will ensure your bang for buck when the time is up for you and your van…. it goes without saying that you should take care of your van as much as possible to avoid losing value, and don’t thrash the heck out of it unless you have more money than sense.
– As a general rule, we would advise that you consider part exchanging your van before 5 years or 100,000 miles, whichever comes sooner. This will ensure you get a decent resale value for your van, whilst you get to drive the latest and best looking vans complete with all the latest toys, and economy and safety standards. Note that if you use your van commercially it helps your company image to have a well presented van.
How do you get the best resale value for your van?
A very important consideration when running a van is retaining its resale value. The best way to get an excellent resale value for your van is to make sure the van is well maintained and protected from any damage. Keep your van serviced at regular intervals and keeping your log books updated. You can also protect the interior from wear and tear and sun damage by purchasing protective accessories such as seat covers, floor mats and dashboard covers.
When it comes to selling or part exchanging your van, the following factors will be taken into account:
- Paper work, including the logbook (V5C Document), MOT certificates, manuals -etc.
- Service history.
- Condition and appearance / problems or damage.
- There should be at least one main key and one spare (and fobs).
- Be wary of some dealers who will try to give you a low valuation on your old van but disguise it with a temping offer on the new one. Alternatively they may give you a good deal on your old van and use this to stop you trying to knock down the price of the new van.
- Be honest about your van’s condition. Failure to mention major problems or damage could mean that the part-exchange offer is reduced or even refused later down the line, leading to delays in the process.
- Know your minimum part exchange value and stick to it. Be prepared to walk away.
What vans have the highest resale value?
A brand new VW Transporter, depending on its specifications, has a price tag range of £17,000 to £22,000. The current resale value of a 2013 Volkswagen Transporter T30 SWB Diesel T30 SWB Diesel 2.0 TDI 102PS Startline Van is at least £13,000.
A brand new VW Caddy has a price range of £13,000 to £17,000. The current resale value of a 2013 Volkswagen Caddy 1.6 TDI 102PS Van is £10,000.
A Citroen Berlingo, based on specifications, has a price range of £6,600 to £12,500. A 2011 Citroen Berlingo 1.6 HDi 625Kg X 75ps Van has a current resale value of £5,900 whereas a 2008 Citroen Berlingo 1.6HDi (75) L1 625 LX Panel Van Light Van has a resale value of £3,900.
A Ford Transit Custom Low Roof Van’s price is from £16,800. Resale value of a 2013 model is almost £12,000.
(Figures are approximate and vary depending on the specification and condition of your van).
Selling privately versus part exchange
Selling privately means you are the one to deal with potential buyers and you need to arrange your own advertising. You may get a higher price selling your van yourself but it is more hassle.
Part Exchange is easier and can open doors for your new van financing scheme as your old vehicle is used as the deposit. Although it is more likely that you get less value for your van as the dealer needs to ensure that he makes a profit when he has to sell it again.
If you have outstanding finance on your van and want to upgrade, you will first need to get a settlement figure from your finance provider before you can think about anything else.
Here at Swiss Vans we have a dedicated part exchange team. Check out out van part exchange form or give us a call to get started. If you have already bought a van from us, our dedicated renewals team will get in touch with you when it is near the right time to trade in your van.