The average value of a used car in October was £7,429, according to the British Car Auctions (BCA) monthly Pulse report, just £253 below the record high value of £8,001 recorded in August 2014.

This figure was also up 8.0% year-on-year and 4.2% month-on-month.

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In October 2014, the average age of a car was 60.07 months, down from the 61.69 months average age recorded in October 2013. Mileage also fell over this period, from 56,405 miles to 55,895 miles. Sale versus CAP moved from 96.57% in October 2013 to 95.60% in October 2014.

Fleet and lease car values grew by 4.3% year-on-year to £9,533. This was also a slight rise (0.9%) compared to the average value of a car in this segment recorded in September 2013.

Despite the increasing value, both the average age and mileage increased year-on-year. Whereas average age increased from 39.43 months in October 2013 to 39.82 in October 2014, mileage increased from 44,659 miles to 47,497 months over the same period.

Average dealer part-exchange car values reached an all-time high of £4,136 in October 2014, higher than the previous high of £4,065 recorded in July and £4,059 recorded in September.

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Year-on-year, the average value of a car in this segment was 7.7% above the value of a car recorded in October 2013. Over this period the average age rose from 87.69 months to 88.72 months, while average mileage fell from 72,487 miles to 70,949 miles.

In the nearly new sector, values fell for the second month in a row. Since August, values have now fallen from £22,876 to £21,168, however BCA said model mix had a significant effect on the falling prices.

Simon Henstock, BCA UK operations director said: "Used car volumes rose more slowly than expected in the wake of the plate change and this allowed the market to absorb the increase without impacting unduly on price performance through October."

"However, with dealers anecdotally saying that retail activity has slowed somewhat in recent weeks, we are starting to see some pressure on conversions in the wholesale market and rising stock levels as a result. With more choice for buyers, this may impact on average values between now and the end of the year, particularly for less desirable, lower-specked vehicles. The shortage of retail quality stock continues, however, and the best presented cars in attractive colours continue to make good values for sellers."