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Used car prices are continuing to rise, according to the latest figures from auction giant BCA.
The average value of a used car in 2012 was £6199, the highest annual figure on record. That was £280 or 4.7% up on the previous year and a £358 (6.1%) increase on 2010.
BCA managing director Spencer Lock attributed the trend to stock shortage, resulting from depressed new car sales since 2008, having "a significant effect on used car values three and four years down the line".
As in previous years, values accelerated in the second half of 2012, with the average value at £6415, up by £408 compared with the first six months of the year. Fleet and lease values in the same period rose by 12.3% year-on-year, while dealer part-exchange car values rose by 12.6% over the same period.
The data also showed that both average age and mileage are up over the past three years, while performance against Cap Clean value has been stable around 96.5%. The average age in 2010 was 59.7 months old, compared to 62.1 months old in 2012. Meanwhile, average mileage in 2010 was 57,295 while last year it was up to 58,969.
Lock added: "Used car retailers will continue to face increasing competition when sourcing the most attractive and retail-ready used cars because these are the cars everyone wants and they are in such short supply."
Meanwhile, RV expert Glass's has said that for the third year in a row used values failed to follow the usual pattern of dipping in December before recovering in January and February. "The lack of buyers was in part a reflection that used car values had not dropped sufficiently," said director of values and analysis Richard Parkin.
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