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Northgate warns of falling used van market

Date: 02 October 2008

Van rental giant Northgate has warned of falling profits as the financial climate hits used van RVs.

The firm is predicting a recovery, though, as business recognises the advantages of renting rather than owning vehicles.

Northgate's residual values have reportedly dropped 5-10% for vehicles sold at 30 months old.

The company was said to be considering extending the life of its vehicles to counter the depreciation, and was not likely to continue buying as many vans.