The average selling price of a car sold at remarketer Manheim Auctions was £3,390 in October 2014, £492 (17%) higher than the average value recorded in October 2013.
The average age of vehicles was 99 months in both months, while mileage increased slightly from 75,328 to 75,405 miles respectively.
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While prices increased year-on-year for all vehicle segments, 4x4s and coupes and executive models witnessed the largest price increases overall, by 21.4%, 22.9% and 28.4% respectively.
Compared to September 2014, the average value in October was up 2.6%, or £86, partly as a result of the average age falling by two months and mileage falling by 899 miles. The segment with the biggest month-on-month increase in value was 4x4s, which increased by 11.3%, or £733.
Daren Wiseman, valuations services manager at Manheim, said: "Over the past two months, we’ve seen a large number of high quality, part exchange vehicles make their way to the market. The increase in quality is represented by a fall in both age and mileage month-on-month.
He sad as a result of volume growth and the sheer quantity of high quality vehicles, buyers are able to be much more selective about their purchase and we are seeing the predicted shift from a seller-led market to one in which buyers take more control.
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By GlobalDataWiseman added: "Within the confines of the usual seasonal movements, the overall trend for prices in the part-ex sector has been upwards throughout 2014. The increasingly widespread availability of cheap finance and ever-growing consumer confidence has played its part in this success. However, with a slow-down in economic growth in the past quarter and latest figures showing a fall in consumer confidence in October, we are likely to see prices realign back to seasonal norms in the run-up to Christmas."
