Average used car values in August saw a 6% increase to £6,223, a £195 increase over July’s figures.
Demand for used cars is still going strong which has seen average values rise for 10 consecutive months, according to the latest figures from British Car Auctions (BCA).
BCA is reporting a 3% month on month rise in used car values for August, despite the summer months traditionally recording a slowdown in demand.
Year-on-year values are now £1,458 or 30.6% ahead of August 2008 – reflecting how far values fell last year and how significantly they have recovered in 2009.
BCA’s communications director Tony Gannon said: “Demand continues to be strong and values have risen by £373 over the rolling three-months - despite this covering the summer holiday period when values would be expected to soften.
“The wholesale market remains relatively short of stock and this - combined with the continuing demand – is keeping used car prices very firm.”