The average price of a used car at auction rose 4.7% year-on-year to an annual record £6,199 in 2012, according to figures released by British Car Auctions (BCA).

The figure was also an increase of 6.1% on the average value of used cars recorded across 2010 of £5,841.

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Average mileage of used cars at auction rose from 58,376 in 2011 to 58,969 in 2012, whilst average age increased from 60.51 months to 62.07.

On both mileage and age, the 2011 figure was above the 2010 figure, although performance against CAP Clean has remained relatively stable at around 96.5% in each year.

As in previous years, the increase in value accelerated in the second half of the year, with H2 2012 average prices of £6,415 representing a £408 increase on the average price of £6,007 in H1.

Fragile demand and stock shortage

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Spencer Lock, managing director at BCA, commented: "The stock shortage resulting from depressed new car sales since 2008 is having a significant effect on used car values three and four years down the line.

"Used car retailers will continue to be faced with 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.

"While interest in the best retail quality cars can be exceptional, overall demand is best described as fragile.

"Dealers are less likely to speculate because they know retail buyers are spending very carefully and expecting great value for money. There is a lot of buying to order, particularly via BCA’s Bid Now and Buy Now online remarketing channels."