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August van price rise recorded

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Van insurance rates could be affected by the news that average prices for light commercial vehicles have risen for the first time in three months.

According to British Car Auctions (BCA), the average value of an LCV rose by 2.4% or £99 to £4,211 in August after falling £168 in July. Experts believe the traditional autumn market resurgence is responsible for the rise.

While nearly-new and part exchange van values rose significantly in August, average fleet and lease values fell for the fourth consecutive month by £73 or 1.5 % to £4,757.

Duncan Ward, BCA's General Manager - Commercial Vehicles, said: "Professional buyers were notably more active in August, buying stock to get ahead of the game before the anticipated hike in demand expected in September.

"Buying was still selective, however, with well-specified vehicles in good condition outperforming the market by a considerable margin, with little appetite for vans requiring refurbishment or repair. The buyers serving the retail market are looking for retail-ready vehicles to take away and sell tomorrow, not vehicles to sit in the repair bay or spray booth. High mileage and scruffy condition is a major turn-off, unless the vehicle is a rare and desirable specification."

© Press Association 2010