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LCV prices up £3,000 since October

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Figures show that the average cost of a second-hand light commercial vehicle (LCV) has risen above £3,000 for the first time since October 2008.

The news comes as a blow to motorists who are already hunting for cheaper running costs including van insurance.

According to new data from BCA, prices increased by 6.6% in February, raising the average value to £3,117 - nearly £200 in one month. However, values still remain £647 behind the same period in 2008.

Duncan Ward, BCA's UK business development manager for commercial vehicles, said: "With the LCV market experiencing exceptional demand since the turn of the year, it is no great surprise to see used values climbing for the second month running. The fact is that LCV values had reached a very low base by the end of last year and a recovery in average price was somewhat overdue."

He said the "dramatic" rise in demand has caused a flurry of bids from buyers and even damaged stock is attracting bids.

He added: "As far as values are concerned, well-presented retail quality vans are outstripping guide values by a considerable distance".

© Press Association 2009