Used LCV values rose to a new record high for the fourth month in a row in February, according to auction firm BCA.

The new average of £9,426 was a 2.9% increase month-on-month, and six percentage points ahead of guide prices.

BCA said that conversion rates for LCVs also remained high, with vehicles up to six years old and classed as grade three or above typically selling the first time they were offered for sale.   Buyers were said to be willing to pay a premium for vehicles that were ready to go back to work without the need for bodywork or mechanical repairs.

BCA UK COO Stuart Pearson said: “The effect of the pandemic and the huge uplift in online shopping and the home delivery market over the past year has created a significant increase in demand for panel vans suitable for courier and final mile delivery work.

“This has resulted in rising values for every model of long wheelbase, high roof panel vans, with Sprinter, Crafter, and Transit models very much in demand, while medium wheelbase, medium roof vans have consistently outperformed guide price expectations over recent months.

“Even the older, higher mileage end of the market has been buoyant, with old shape Transits – which ceased production eight years ago – being exceptionally sought after.”

Pearson said that any vehicle in a good retail colour and specification generated a huge amount of interest with buyers, with metallic colours typically creating a flurry of bidding when they came up for sale.

He added: “Over the coming weeks we expect to see increased demand as the UK economy reopens, and BCA will be offering the widest selection of LCVs to our buyers in our daily online sales programme.”