Industry News from Yes Insurance

Drivers with van insurance who desperately need to update their vehicle may find there are some good deals to be had at the moment, British Car Auctions has suggested.

The group reported the average value for a light commercial vehicle fell in October to £3,083 - down £107 on September.

According to the organisation, this is the biggest drop since June when prices decreased by around £250.

Business development manager at BCA Duncan Ward commented: "As the economic turmoil has intensified in 2008, small business confidence has ebbed away and this is reflected in van-buying activity."

He said only time would tell if the recent 1.5 per cent cut in the base rate would help stimulate the market.

This comes after BCA reported a fall in used car values in October.

However, the group claimed the rate at which second hand motor prices are falling is beginning to slow.

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