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Few of us plan on keeping our vans for longer than four or five years, which may not seem very long but it’s plenty long enough for its value to drop. Here’s how you can minimise your van depreciation.
Learn what contributes to depreciation
A huge range of factors can influence depreciation rate, and knowing what these are will ensure you know what to avoid or look out for. They include:
- Age
- Fuel efficiency
- Upcoming new model releases
- Demand and supply
- Mileage
- Vehicle’s condition
Pick your new vans carefully
There are a few things you can do when buying to minimise the risk of depreciation. One of these is to pick an ever-popular colour, such as silver, black, or blue. Another is to choose a fuel-efficient model, as low running costs will appeal to buyers. You should also get a new and popular model – after all, the higher the demand, the higher the resale price.
Choose extra features wisely
Additional features like air-con, parking sensors, infotainment systems, alloy wheels, daytime running lights (and many more) can make your van more appealing and improve functionality.
However, don’t add too many niche features – it can be counterintuitive if they don’t appeal to the average person. Try to make your van attractive and up-to-date, but not so modified that it becomes undesirable to anyone but you.
Maintain your van
Maintenance and servicing – If you can prove the van has been serviced regularly, on time, and by a reputable company, you will likely secure a higher price than a van with a hazy history.
Mileage – Mileage hugely affects resale value and saleability. Reduce your mileage (and fuel bills) by planning your routes carefully and combining trips wherever possible.
Repairs – Get any damage repaired quickly, as old damage can rust and cause more problems later on.
Buy a van on finance
There are a number of van finance options available that can minimise the depreciation of your vehicle or reduce its impact on you personally.
Contract Hire
With Contract Hire, contracts range from 24 to 60 months and are tailored to your requirements. This option offers small initial rentals, fixed monthly costs, and no risk of residual values at the end. Maintenance and recovery can also be included in the monthly rental, eliminating the stress and financial risks of van ownership.
Finance Lease
Finance Lease is a flexible lease option with no mileage limits or damage charges. A VAT-beneficial option, you can either pay the entire van cost (plus interest) over the agreed lease period or you can pay lower monthly costs and a final balloon payment. The balloon payment is based on the van’s expected resale value.
Hire Purchase
Hire Purchase is simple: when all payments have been made, you take ownership. Usually, the full cost of the vehicle will be financed, but the balloon payment alternative outlined above is available for this finance option too. However, this is only available to businesses.
Find Great Deals and Van Finance Options at Vanaways
Vanaways offers a wide range of quality vans and a number of van finance options, so you’re sure to secure one that works for you and your budget. To find the ideal van for your needs, contact us today!
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