The average value of LCVs sold at auction has reached a record level.

BCA said the average value of vehicles sold in December was £6,976, up by £182 on November.

It put the rise in value down to a continuing trend for vehicles to be newer and of lower mileage, along with seasonal factors, with the trading window shortened due to the Christmas period.

Year-on-year values were also up, by £580 – a 9% increase.

The fleet and lease LCV sector saw a much smaller monthly improvement, rising by just £33 to £7,760, though this was still the second highest figure on record, and meant a year-on-year increase of £586, or 8.1%.

Retained value against manufacturer recommended price was stable at 38.09%.

For part exchange LCVs, after three consecutive months of record values, December saw a £293 fall to £4,215, though this was still a £220 year-on-year increase, which BCA also put down to newer and lower mileage vehicles.

Nearly-new LCV values stood at £17,056, a year-on-year increase of £2,373, but BCA said this had to be taken in the context of very low volumes reaching the market, seasonal pressures and model mix.

BCA LCV operations director Duncan Ward said: “December is a shortened trading period and creates focused buyer demand. 

“There was plenty of interest for any vehicles with a retail type specification, an unusual configuration or special equipment and, as always, any vehicle suitable for the delivery or courier markets was sought after. 

“However, any vehicle in poor condition struggled to get the buyers attention unless it was keenly valued. 

“Early signs are the market has returned strongly in January, with good attendance at sales since the turn of the year and plenty of activity from online bidders.”