The average value of a used car sold at British Car Auctions (BCA) stood at £7,838 in March, a 4.1% (£314) rise compared to the same month in 2015, according to the BCA Pulse report.

Year-on-year, the average age fell by nearly three months to 60.6 months, while average mileage fell from 56,059 miles to 52,382 miles.

Simon Henstock, BCA chief operating officer UK remarketing said: "Reflecting seasonal patterns, we saw greater volumes from dealer part-exchange sources and this shift in the market mix impacted the headline value.

"The plate change period inevitably sees volumes rise substantially in the wholesale markets and stock levels traditionally remain high until at least early May. Any uplift in volume has the potential to change the balance in supply and demand and can impact on values as buyers simply have more choice."

By sector

The average fleet and lease car value increased by £71 year-on-year in March 2016 to £9,741. The average age fell marginally to 39.23 months, while average mileage dropped from 46,357 to 42,173.

The average fleet and lease car value was £79 higher than February’s figure.

The average dealer part-exchange vehicle value was £4,382 in March, up £198 (4.7%) year-on-year. The average age in this vehicle category was 89.87 months, while average mileage declined from 70,006 to 68,689.

The average dealer part-exchange value improved by £127 (2.7%) compared to February.

Nearly-new values were down £1,191 year-on-year to £19,260. The average age stood at 8.63 months, while average mileage dropped from 9,391 in March 2015 to 9,092 in the same month this year.