Part-exchange vehicle values increased an average of 1.8% to £3,135 in June compared to the previous month’s figure of £3,077, according to car auction company Manheim.

Year-on-year, the increase was significantly higher at over 12%.

Mileage decreased month on month by 200 miles from May, but remains 832 miles above the figure registered in the same period in 2013.

Average ages also decreased between May and June.

Daren Wiseman, valuation services manager at Manheim Auctions described the increasing figures as "what we expect to see for this time of year", but admitted: "It is reassuring to see the continual growth and, at a steady rate, it means we are unlikely to face the subsequent decline in demand."

He added: "The vehicle market is buoyant, with the SMMT figures released earlier this month detailing a rise in new car registrations of 17.7% for March, which is the highest number of registrations in a plate change for a decade, while June marks the 28th consecutive month of growth.

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He added the results signalled continued confidence among buyers, and added: "We expect the market to continue to increase at a steady rate throughout the rest of the year."