January 03, 2011 19:00 ET

Oversupply May Hit Used Van Market, Warns Swinton Commercial

MANCHESTER, UNITED KINGDOM--(Marketwire - Jan. 3, 2011) - It seems 2011 will be a buyers market, as a sudden oversupply of vans will flood the marketplace and drive their value down, warns Swinton Commercial.

The rise in supply comes due to the fact many of the vans are entering the market ahead of their planned removal from company fleets, due to the fact businesses across the country continue to cut back and fight against the tail end of the recession and are ending leases early or simply choosing not to continue them into 2011.

Swinton Commercial is advising buyers that 2011 is the right time to buy, as by taking advantage of good quality vans available at lower prices and by finding the right van insurance quote, 2011 could be the year of the buyer.

However despite the increase in volume, there will be a short supply of two year old vans, as in 2008, in the midst of the recession, sales of new vans decreased, leaving in its legacy a shortage of two year old vans.

Commenting on the findings, Phil Moss, Commercial Vehicle Manager at Swinton said "Lower van prices make the market more accessible for those wishing to spend less, and as long as there are still buyers hopefully the market won't lose too much value."

He added, "Anybody looking to purchase a new van at this time could bag themselves a bargain, but it's also important to remember that by looking for the best insurance quote which is tailored to their needs, then this could also save them money."

About Swinton

  • With 603 branches nationwide Swinton is the UK's largest high street insurance retailer
  • Unlike many other companies in the financial services industry, Swinton is committed to keeping its branches open for business, and part of the community
  • Swinton provides a one-stop-shop for the insurance and related needs of its clients, offering home, car, caravan, business, holiday, motorbike and even classic car insurance
  • With a dedicated team of advisors on hand at every branch to search a panel of insurers to offer quality cover at competitive rates

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