Continuing shortages in the wholesale used car markets resulted in record Q3 average used car values, according to British Car Autions (BCA).

With an average Q3 price of £6,216, used cars were at their highest level since BCA began reporting in 2005. The figure was up £325 (5.5%) on Q2 and £293 (4.9%) ahead year-on-year.

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Fleet and lease values increased to £8,177, another record high, and up year-on-year by £917 (12.6%).

Part exchange values averaged £3,002 – also the highest since record began and up by £159 (5.5%) compared to Q2 and ahead by £304 (11.2%) year-on-year.

‘Fierce competition’

BCA’s communications director Tony Gannon said: "With ongoing economic pressure, rising costs and a relatively weak retail environment, it might seem counter-intuitive to report that used car values continue to climb year-on-year. However, supplies reaching the wholesale used car market are quite significantly down on the peak seen four to five years ago and there is a real shortage of good quality, ready to retail used cars. This is leading to fierce competition and generally rising values for the best examples reaching the remarketing arena.

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"This stock shortage is a long-term issue and is unlikely to change until new car volumes pick up significantly and the economy improves enough to generate a bigger churn of vehicles in the marketplace. This doesn’t diminish the effect of the typical seasonal pressures, of course, which have seen values and conversions weaken in early October.

"Quarter 3 saw a ‘richer’ mix of used cars compared to Q2, with fleet and lease volumes representing a slightly increased proportion compared to part exchange volumes."