Following five months of used car prices at auction averaging above £6,500, including a record monthly high in December 2012, British Car Auctions (BCA) has reported a record quarterly high for average used car price performance for the opening three months of 2013.

The average value of a used car reached £7,064 between January and March 2013, 6.27% above the average for the previous quarter, and up by 15.54% on Q1 2012, itself a record high at the time.

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According to BCA, the rise in prices suggests an increased importance of supply, although earlier this week vehicle valuation firm CAP advised second-hand stock availability was increasing with a potential and commensurate drop in prices expected.

Fleet and part-ex records

Average values for fleet and lease and for part exchange cars also hit record quarterly highs. Fleet and lease values were up 4.62% on Q4 2012 to £8,697 and up by 13.85% year-on-year. The average part exchange value stood at £3,568, up 10.60% quarter-on-quarter and 23.42% year-on-year. This included the highest-ever monthly value for part exchanges of £3,588, recorded in January.

Average mileage was down for the third consecutive quarter, by 1,500 miles to approximately 56,500 miles, the lowest since 2010.

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Average fleet and lease mileages were roughly 3,000 miles below the figure for Q1 2012, which BCA believed could indicate fleet and lease operators are less likely to extend in-service periods or striving for greater efficiency in journeys.

richard.brown@timetric.com