The average value of LCVs sold at BCA in February was a new record high, the company has said.

Average values rose by £242 (3.5%) compared with January to reach £7,069 – the first time this figure has broken the £7,000 barrier.

Year-on-year values increased by £520, or 7.9%.

The average age and mileage of vehicles sold were marginally down year-on-year.

BCA’s LCV operations director Duncan Ward said: “The LCV market has started the year exceptionally strongly and demand from buyers is high. 

“Both professional buyers and end users are bidding confidently across a range of makes, models and configurations of panel vans with strong competition for examples that are in ready-to-retail condition. 

“With the uplift in major construction projects and new build housing nationwide, tippers and dropsides are likely to remain at premium values for some time to come.”

Having fallen in January, fleet and lease LCVs rose in value in February as demand remained high and volumes eased slightly. 

Values climbed by £174 (2.3%) to £7,695 in February, with retained value against Manufacturer Recommended Price increasing by more than half a point to 37.9%. 

Year-on-year, values remain well ahead, up by £516 (7.1%), with average age rising slightly and mileage declining when compared to the same period in 2017. 

Average part-exchange values fell in February by £150 (3.2%) to £4,425, although this was still the third highest monthly value recorded for part-exchanged LCVs. 

Year-on-year, values were up by £423 (10.5%) with comparative age declining and mileage rising compared to the same month in 2017.

Nearly-new LCV values rose in February to £14,726, with year-on-year values showing a 9.1% uplift.