Trucks - used values

[Dog Biscuit]

Been looking at a few trucks lately. Always fancied one and would work out for our needs.

Having looked maybe a year ago, things seem to have changed considerably in terms of how long they seem to be on AT or PH and asking prices

I'm wondering given the April tax changes then they may become a vehicle that tanks in value to decreased desirability and perhaps people selling them due to cessation of the tax breaks?

Anyone able to give opinion on this?

Thanks

[BlueJ]

I assume you're talking about pick-up trucks, specifically double-cab picks ups on which the BIK rules have changed?

I agree, these will have a much lower resale value now that the BIK rules have changed. There's no reason why a glut of them should come to market for a bit - provided they were bought / leased prior to 6th April, the old BIK rules treating them as a commercial vehicle remain in place for the lease term or until 5th April 2029 ( a 4 year transition period). So businesses which already owned them don't have an immediate issue, and actually have an incentive to hang onto them for the transition period (to retain the favourable tax treatment).

However any that do come to market at end of lease term, or any remaining new stock at dealers, will now be considerably less attractive and less sellable to the main buyers of these (businesses) as any purchased from 6th April are treated as private cars with much greater BIK and less tax relief.

Apologies if I have explained the obvious!

[Dog Biscuit]

BlueJ said:

I assume you're talking about pick-up trucks, specifically double-cab picks ups on which the BIK rules have changed?

I agree, these will have a much lower resale value now that the BIK rules have changed. There's no reason why a glut of them should come to market for a bit - provided they were bought / leased prior to 6th April, the old BIK rules treating them as a commercial vehicle remain in place for the lease term or until 5th April 2029 ( a 4 year transition period). So businesses which already owned them don't have an immediate issue, and actually have an incentive to hang onto them for the transition period (to retain the favourable tax treatment).

However any that do come to market at end of lease term, or any remaining new stock at dealers, will now be considerably less attractive and less sellable to the main buyers of these (businesses) as any purchased from 6th April are treated as private cars with much greater BIK and less tax relief.

Apologies if I have explained the obvious!

Not at all, thank you for the comprehensive answer

Exactly the answer I was seeking

Much appreciated

[Rob 131 Sport]

It’s a shame they’ll be less of them as the typical driver of these vehicles is ‘not good’ although obviously easily identifiable. I wonder what they’ll move on to.