The average value of a used car sold at BCA rose 3.3% year on year to £8,619 in January, achieving the second highest headline figure since records began in 2005.

In its Pulse report, the vehicle remarketer also noted that the average age had fallen by more than three months to 56.36 months, and average mileage fell by over 4,000 miles to 50,712 over the same period.

Fleet and lease values also increased in value, rising to £10,163 year-on-year in January 2017, reaching sales vs. manufacturer’s recommended price (MRP) ratio of 42%.

Average age fell by almost a month to 38.65 months, while average mileage fell by over 4,000 miles to 41,927 miles in the same period.

Part-exchange values did not see as much movement as fleet and lease vehicles, rising slightly to £4,579 in average values in January, from £4,316 a year earlier.

Average mileage fell by just over 300 miles, to 70,978, while average age was almost static, 89.66 months in January 2017 versus 89.75 months a year earlier.

The average value of nearly new vehicles declined by over £2,000 in January 2017, down to £18,276, while average age remained almost static over the same period, reaching 8.42 months versus 8.48 months a year earlier.

Simon Henstock, BCA chief operating officer UK remarketing, said: “For the first time in several years, average values rose in January compared to December, despite stock levels rising to record levels during the month.

“With the March plate change nearly upon us, we will expect to see an influx of corporate fleet and dealer part-exchange stock in the weeks ahead which means even more choice for buyers.”