Fleets concerned about the residual values of 4x4s will be heartened that the market has almost completely recovered from the massive falls of last year.

Many auction insiders are reporting that all four-wheel drive vehicles and SUVs are being snapped up even if they require work, while Manheim is seeing demand strengthening at its sites.

“Following the exceptional start to the year, I am pleased to report that the momentum seems to be continuing,” said Mike Pilkington, managing director, Manheim Auctions & Remarketing.

The results from the Land Rover sale on behalf of Ford Credit at Rotherham clearly show that demand for good quality used vehicles is strong even in the 4x4 sector which suffered so heavily in 2008.”

Last year, even popular models such and the Land Rover Discovery and Range Rovers were hit, with thousands of pounds wiped off values and leasing firms wondering how they were going to recoup losses on de-fleeted models.

High residuals underpinned many SUV lease offerings, making them surprisingly affordable, but that popularity was in jeopardy, as leasing rates climbed to absorb the widening gap between new and used prices.

At rental and leasing firm SHB 4x4, director Paul Street has been amazed by the recovery, which has been powered by a lack of stock at dealers following last year’s crash, and buyers believing there are bargains to be had in the used market.

“The used 4x4 market is tremendous at the moment – it’s almost unimaginable that it would be like this after the state it was in last autumn. In fact it has made an almost complete recovery,” said Street.

“It’s as buoyant as I have ever known it in terms of the balance between supply and demand, especially for what we term ‘premium’ 4x4s: Land Rovers and Toyotas, which are premium because of their quality, off road ability and wholelife costs. They are achieving prices significantly above the rest of the market.

“It seems the trade is desperate for stock, whether it be franchised dealers, second tier dealers, export and private buyers.”