The drop in values came despite a two month decrease in average age to 50 months and a 4770 reduction in mileage to 70,295 miles.

But Manheim said the fact that values were 7.5% up year-on-year demonstrated the underlying strength of the market.

Car derived vans were down 4.1% month-on-month in November to £2588, small panel vans were down 5.9% to £4062 and large panel vans fell 3.1% to £4217.

Boxes and Lutons on the other hand rose 14.8% in value to £6716 and pick-ups increased 7.1% to £7500.

James Davis, general manager, commercial vehicles, Manheim Auctions, said: “Values are starting to soften and as we move into 2011 we will need to keep a careful watch on volumes and to separate the impact of seasonality and the issue of supply.”