Year-on-year, average values were up 7.6% in January with age five months lower and mileage down by just 395 miles.

Most volume segments saw values rise month-on-month. Average values of car-derived vans were up 3.5% to £2650, small vans were up 3.3% to £4025 and mid-sized panel vans increased by 5.4% to £3998.

On the other hand values of large panel vans fell 1.9% to £4193, Tippers dropped 7.1% to £5959 and Boxes and Lutons plummeted 12.2% due to increases in both age and mileage.

Tim Spencer, Manheim’s commercial vehicle auctioneer, said the market was looking strong going into February with values holding up against abundant supply of stock.

“There is demand for just about every sort of vehicle,” he said.

With fewer vehicles in the daily rental market, Spencer said end users were now more inclined to source used vans at auction.