The average value of a used car sold at British Car Auctions (BCA) stood at £7,524 in March, a 1.8% (£137) rise compared to the same month in 2014, according to the March BCA Pulse report.

Year-on-year, the average age increased from 62.62 months to 63.13 months, while mileage fell from 56,140 miles to 56,059 miles. CAP was up slightly over the year to reach 98.77%.

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The headline average value of a used car in March, was down by £290 (3.7%) compared to February.

Simon Henstock, BCA’s UK operations director said: "Despite volumes continuing to rise in the wholesale sector, demand was steady across the range of stock on offer at BCA in March. Reflecting seasonal patterns, we saw greater volumes from dealer part-exchange sources and this shift in the model mix impacted the headline value.

"Retail demand typically softens post-Easter and with the General Election campaigns now in full swing we should expect a little uncertainty in the wholesale markets over the coming weeks."

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Values were at near record levels in March following year-on-year growth for both the fleet and lease sector and the part exchange sector.

The average fleet and lease car value rose by £98 (1%) last month compared to March 2014, reaching £9,670. Average age was broadly static at 40.26 months, while average mileage increased from 45,575 to 46,357. CAP Clean performance was slightly higher at 99%.

The average dealer part-exchange value bounced back after three consecutive monthly falls, averaging £4,184 in March. Year-on-year values were ahead by £278 (7.1%), with CAP Clean performance higher by nearly a point at 97.77%.

Over the same period, average age increased from 88.52 months to 90.02 months, while average mileage declined from 70,915 to 70,006.

Nearly-new values continued to fall from record levels seen in December, although model mix has a significant effect in this low volume sector. The average value in March was £20,218 and CAP Clean performance was 99.78%.