Average values were up by £187 (3.5%) compared to February 2014, although performance against CAP across the board was down by two points over the year.  Age and mileage continue to decline, with the average van being over a month younger and nearly 4,000 miles less travelled when sold in 2015.

BCA’s head of commercial vehicles Duncan Ward said: “Although average values rose in February, similar conditions prevailed to the previous month, where rising volumes of poor condition or similar model vans were a significant factor.”

“Corporate volumes took a slightly larger share of the market in February, although issues over quality and presentation remain as vehicles from corporate sources are returning at generally higher ages and mileages than we were seeing a year ago.”

He added: “Notably, the average price performance for both fleet/lease and dealer part-exchange vans was lower than a year ago, a result of the generally poorer condition and higher age and mileage profiles reaching the marketplace.  We have been predicting a tipping point in used values for some time and possibly we are starting to see a levelling off following many, many months of average value growth.”

Values for fleet and lease LCVs averaged £6,533 in February – a rise of £55 (0.8%) compared to January’s figure.

CAP performance averaged 100.06% and retained value against Manufacturer Recommended Price fell by over two points to 36.06%. Year-on-year, values were up by just £24 (0.3%) with age and mileage higher than in 2014.