Average van prices rose above £3,000 for the first time since last October at British Car Auctions (BCA) as demand continues apace. Prices increased by 6.6% in February to £3,117, up almost £200 from January and more than £350 from the bottom of the slump in December 2008. The market peaked at £3,868 in January 2008.
With demand strong, says Duncan Ward, BCA's UK business development manager for CVs, it is no great surprise
that used values have climbed for the second month running. "The fact is that light CV values had reached a very low base by the end of last year and a recovery in average price was somewhat overdue.
"This is the biggest volume sector at auction, so for February to record an average price increase of nearly £200 over January is significant. CAP performance has also improved again, rising over seven points in the month to reach 97%, following a six-point increase last month."
Ward continues: "The change in the market dynamics over just a few weeks is dramatic. Buyers are competing strongly across the board, and even stock with cosmetic damage is attracting a flurry of bids, which simply was not happening in 2008.
"Demand has held up well in March so far," he adds, "and we are hopeful that this interest will be maintained well into the second quarter."
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