Observations Tim Naylor, BCA

Headline average value fell in January from December’s high point, largely due to a changing mix of vehicles, as greater volumes of lower-value dealer part exchange cars were sold during the month.

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Across the board used cars averaged £7,137, down by £224 compared to December but significantly ahead by £1,097 (18.1%) compared to January 2012.

Both the fleet/lease and dealer part exchange sectors saw values increase month-on-month, establishing record average values in the process.

With stock remaining thin, demand is focused on the best-quality vehicles, driving values up. Sale conversion rates also rose as buyers competed for stock and BCA saw lots of online activity with nearly a quarter of all vehicles purchased by internet bidders.

As budgets remain squeezed, the increased demand from motorists for affordable transport is driving values upwards.

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Fleet and lease cars averaged £8,526, rising by £17 compared to December and establishing a new record monthly value. CAP performance improved by over two points to 97.7%, while value against retail price improved by half a point to 41.48% across the fleet and lease sector.

Average part exchange values improved yet again, rising by £16 to a new high of £3,580. While the rise in December might have been explained by lack of supply, volumes in January returned to more typical levels which suggests strong demand during the month.

CAP performance rose by over one-and-a-half points to 97%. Year-on-year, values were ahead by £660 – a significant 22.6% uplift compared to January 2012.