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The used car market recorded an all-time high in 2012 in terms of value at £38.1bn, according to BCA UK managing director Spencer Lock who spoke at the VRA annual conference.
Lock reviewed the findings of the 2013 BCA Used Car Market Report, which also revealed the number of cars sold is now back at pre-recession levels at 7.1 million in 2012, up 400,000 from 2011.
Car dealers accounted for the majority of the increase, with the private market near static.
However, the long-term impact of the fall in new car sales during and immediately following the recession can still be seen, with the average age of vehicles on UK roads reaching a 30-year high at 7.59 years.
Tim Naylor, editor of the annual BCA Used Car Market Report, commented: "Our research shows the used car market has undergone some very subtle yet significant changes over the past 12 months. Customer expectations in the used car buying process continue to climb and there are changes in how information is gathered when it comes to making used car buying decisions.
"Overall, there is a little more confidence expressed by motorists in terms of the economic climate, the products they are buying and the service they are receiving. With improving economic indicators, we could see more people looking to replace their used car with a better used car.
"The number of motorists saying they 'certainly' or 'quite likely' will buy a car in the next 12 months rose from 10% last year to 14% this year (a 40% rise in real terms).
"Our Used Car Market Report for 2013 suggests that the UK may be turning a corner. and a more stable economy seems to be helping to restore car buyers' confidence.
"In particular, low and 0% interest offers could be creating fresh demand for new cars, with 40% of motorists who responded to our research saying that they were considering buying new rather than used for their next car. This is good news for the market as a whole as new cars create used car stock in future."
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