Surging demand for new vans hasn’t put a dampener on the record prices being achieved in the used van market, according to the latest figures from auctioneers BCA , which showed that average used van prices at auction hit a new record of £5,557 in March — a rise of 3.9% since February.

I suppose we should be grateful that inflation in the wider economy isn’t running at this rate, but I’m glad I’ve not been in the market for a used van over the last year or so, during which average prices have risen by 14%:

Used LCV values Feb 2012 – March 2014 (courtesy of BCA)

Year-on-year values remain well ahead, up by £697 (14.3%) over the twelve month period.  Compared to a year ago, age has risen by nearly two months to over 60 months, while mileage has decreased by around 3,000 miles on average over the same period.  Average CAP performance improved by half a point compared to March 2013.

(Data courtesy of BCA)

The figures suggest that the UK economy is recovering, but Duncan Ward, BCA’s General Manager – Commercial Vehicles, sounded a note of caution, despite recent strong demand:

“There can be little doubt that the improving economic background is giving a boost to the used LCV market, particularly as demand increases from the building and construction industries.  Small and medium-sized enterprises (SMEs) remain positive about prospects this year, but cashflow is a problem for some and that may impact any decision on replacing their workhorse vans.”

“We expect demand to remain strong in April, but post-Easter, we know from experience that values typically soften over the late spring and early summer months.”

Business is clearly very good for BCA, but perhaps some used buyers are holding back in the hope that used values will soften before they are forced to buy?