The average value of a used cars sold at British Car Auctions (BCA) stood at £7,992 in October, a 3.1% (£244) rise compared to the same month in 2014, according to the July BCA Pulse report.

Year-on-year, the average age increased marginally to 60.25 months, while mileage fell from 55,895 miles to 54,262 miles. Performance against CAP was up by 1% compared to October 2014, at 96.63%.

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Simon Henstock BCA’s UK operations director said: "Although October’s figures look exceptionally strong, rising average values are not the whole story. Volumes have climbed in recent weeks and while the best presented and most attractive ready-to-retail cars are selling quickly and often for well above guide valuations, there are increasing numbers of poorer quality cars reaching the wholesale markets. These less attractive vehicles need to be accurately appraised and valued in line with market expectations if they are to be sold first time."

Henstock added: "Over valuing poor condition and less attractive cars almost inevitably results in a failure to sell first time, taking longer to sale and the potential for holding costs to rise. When buyers have greater choice they inevitably focus on those cars that represent the best profit opportunity in the shortest timescale."

"Sellers should be aware of the changing market conditions and work closely with their remarketing partners to ensure their stock is properly prepared, appropriately condition rated and sensibly valued in the weeks ahead. It is worth remembering that there are buyers for every age, mileage and condition of vehicle providing the price is right."

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The average fleet and lease car value rose by £148 (1.5%) last month compared to October 2014, reaching £9,848. Average age was broadly static at 39.56 months, while average mileage dropped from 47,497 to 45,358. CAP Clean performance was slightly higher at 95.96%.

The average fleet and lease car value was just £148 higher than September’s figure.

The average dealer part-exchange vehicle value was £4,401 in October, up £265 year-on-year. CAP Clean performance was ahead by nearly two points compared to a year ago at 96.38%.

Over the same period the average age increased from 88.72 months to 89.04 months, while average mileage declined from 70,949 to 69,361.

The average dealer part-exchange value dropped by £67 compared to September 2015.

Nearly-new values increased to £21,776, the highest average monthly value since December 2014. The average age stood at 7.67 months and CAP Clean performance was 100.28%.