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The average selling price for LCVs at auction is now £9,364, which is 42% higher than the pre-pandemic prices.
Cox Automotive found that prices are 1.7% down year-on-year and 10.8% lower than the highs of 2021.
Prices have now settled to what Cox Automotive believes represents the “new normal” for the LCV market.
Matthew Davock, director of Manheim Commercial Vehicles, Cox Automotive, said: “It’s been an outstanding summer for LCV sales, with activity in our lanes more than matching the recent heat wave.
“The appetite we’ve seen during this 12-week period points to a market that has established a new sense of normality. Prices have settled from the super-heated immediate post-pandemic high to what we believe will be the level we should expect for the rest of this year.
“The laws of supply and demand continue to assert themselves on the used LCV market.
“Despite the average van now commanding £2,795 more than its 2019 equivalent, it is 10 months older and carrying 9,222 more miles.
The positive month-on-month increase in new LCV registrations recorded by the SMMT this year has helped see additional volumes reach the used market, but sustained trade demand means prices remain strong, despite a 12-15% price guide reduction for some models during same period.
“There is a particular shortage of sub 60,000 mile stock; in 2019, almost half (46%) of auction entries met this criterion, whereas now the proportion has fallen to just 24%.”