The average value of used cars sold at auction fell by just £14 month-on-month in April, according to BCA.

The auction company said the average of £7,508 – a fall of £808 year-on-year – came amid a fourth consecutive month of solid volumes and conversion rates.

It said wholesale activity remained positive in the post-Easter period, with very healthy levels of buyer engagement, confident bidding and stable conversion rates.

BCA UK COO Stuart Pearson said: “Whilst it is pleasing to be able to report on a fourth successive month of stability in the used car sector, as always the devil is in the detail and there are a lot of moving parts across the marketplace.  

“The value gap between high demand, well-presented younger cars and poorer condition, typically older and higher mileage examples continues to widen, because buyers are factoring in the potential for delay in getting repairs and refurbishment carried out.

“Against a steadily improving economic background and some encouraging noises from the Bank of England on interest rates, our buyer customers are quietly confident of continued retail demand for used cars and that is being reflected in activity in the wholesale sector.”