Commercial vehicle insurance customers in need of a new van are currently more likely to turn to the second-hand market, new figures have suggested.
The latest data from the Society of Motor Manufacturers and Traders (SMMT) has revealed that new van production dropped by 71.6 per cent in February.
SMMT chief executive Paul Everitt has therefore called on the government to act in a bid to boost the market.
“The large fall in February’s vehicle production is a direct result of weak demand and the need to protect highly-skilled workforce and valuable industrial capability in the UK automotive sector,” he commented.
Meanwhile, British Car Auctions recently claimed in its Commercial Pulse Report that the cost of used vans rose in February for the first time in four months.
The average price increased by 6.6 per cent from January, escalating by an average of £200 to settle on £3,177.
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