The average value of a used car rose 11.2% year-on-year in February to reach a record £8,822, according to the BCA Pulse Report, the highest headline figure BCA has recorded.

In its Pulse report, the vehicle remarketer said that the average age had fallen by almost five months to 55.29 months and average mileage by over 5,000 miles to 49,601 over the same period.

The value of fleet and lease values rose to £10,179 (up 5.3% year-on-year) in February, reaching the second highest value ever recorded.

The average age and mileage of fleet and lease vehicles both fell over the same period, down to 38.58 months and 41,923 miles respectively.

The ratio of retained value against manufacturer’s retail price (MRP) increased slightly to 42.58% from 41.56% in February of last year.

Dealer part-exchange values fell by 7.3% year-on-year to £4,568, losing £313 in value. Average age and mileage remained largely static, dropping by 0.41 months and 102 miles respectively over the same period.

Nearly new vehicles sold through BCA saw a strong year on year decline in February 2017, falling to £17,427 from £20,451 a year earlier.

Simon Henstock, BCA chief operating officer UK remarketing said: “BCA reports strong levels of demand in February, with plenty of interest in retail ready cars. The market is anticipating increased part-exchange business and greater volumes from fleet and contract hire sources over the coming weeks.

“With Easter imminent – often a watershed in demand – this could impact on residual values in the weeks ahead and BCA is recommending that volume vendors appraise their sale stock closely to ensure it is valued in line with market expectations.”