Used van values continue to climb, with average prices passing the £10,000 mark for the first time in July, according to the latest data from BCA.
Average used LCV values rose by £187 during July to reach £10,120, the highest recorded average monthly value on record at BCA.
Underlining the demand seen for vans, values have risen by £2,422 in the past year, equivalent to a 32% uplift.
Over 2,000 individual professional buyers competed for LCV stock at BCA during July.
Stuart Pearson, BCA UK chief operating officer, said: “The used LCV sector is experiencing a perfect storm, with the home delivery, courier, self-employed trades and also the leisure vehicle sector experiencing high demand for vehicles.”
Pearson said the onset of the pandemic has stimulated significant growth in online shopping and as a result, the number of people working as self-employed delivery, courier and final-mile drivers has risen dramatically.
He said: “Many need their own vehicle, typically a LWB, high-roof large volume van, and we have seen values rise steadily in this sector.
“We have also seen significant demand for LCVs that support many small businesses and tradespeople, resulting in rising values for standard panel vans, tippers and dropsides.”
Staycation conversions
An interesting wrinkle to the current demand at BCA shows there has been a boost for vans suitable for conversion to motorhomes to help satisfy the staycation market.
BCA stages twice monthly caravan and motorhome online sales and demand has been “exceptional this year and continues to increase”.
Pearson added: “While there is a view that value performance for LCVs couldn’t get much better, there is a real chance we will see a further spike in demand towards the end of the year to meet the needs of the Christmas trading period – particularly as the well-documented supply challenges around new vehicles continues to have an impact on the wider marketplace.”