Average used van prices hit a new record of £5,345 in February, leaving them 11% higher than one year ago, according to the latest sales figures from vehicle auctioneers BCA.

Despite the continued increase in average age and mileage, demand for used vans remains greater than supply, pushing up prices massively ahead of inflation, as these figures show:

Data courtesy of BCA (www.british-car-auctions.co.uk)

BCA’s General Manager – Commercial Vehicles, Duncan Ward, commented:

“As BCA has been reporting for many months, demand remains high for used light commercials, reflecting the improving economic messages from a variety of sources. Many small and medium-sized enterprises (SMEs) in the UK are now upbeat about their growth prospects this year and this sector is a big buyer of used light commercials. In fact, demand remains strong across the board, from car sized vans through to large panel vans and there is plenty of competition for any van presented in ready-to-retail condition.”

“This time of the year also typically sees an uplift in the building and construction industries.  As a lot of building activity was curtailed due to the wettest winter on record, we expect to see even more interest in tippers and drop sides as the weather improves in the weeks ahead.”

Recent strong growth in new van registrations should eventually feed through to the used market, but it could be 12 months or more until this really becomes apparent, suggesting that secondary market demand will remain very strong through the spring and summer of 2014.