A 14.1% increase in wholesale prices for ex-fleet cars drove a 9.4% overall rise in the price of used cars sold at auction during June, Manheim has revealed.
The average price of a used car rose to £5,918, with the wholesale price for ex-fleet cars averaging £10,580 during the month.
Ex-fleet cars sold by Manheim in June also had the lowest average mileage the company has recorded in its auctions, with an average odometer reading of 39,544.
Motors.co.uk, also a Cox Automotive brand, saw the average retail selling price fall slightly by 1.7% in June, however, following the strong growth seen in the previous month.
A statement issued by Motors.co.uk revealed: “The average price of a car sold on Motors.co.uk was £12,465, with lower month-on-month prices recorded for luxury (down 0.6%), prestige (down 7.8%) and volume brands (down 4.8%).”
It added: “The softening of the retail market in June may well have been attributable to the EU referendum and the uncertainty that it created in the market, both in the run-up to the vote and immediately after the result was announced.
“The overall wholesale market was more bullish in June, with average selling prices rising month-on-month for luxury (up 20.1%), prestige (up 14.6%) and volume (up 2.3%) marques.
“Younger, lower mileage ex-fleet stock was in higher demand than part-exchange dealer stock, for which average selling prices fell slightly by 2.5%.”
Demand in Manheim’s auctions remained strong for both diesel and petrol cars, with the average selling price for diesels up 10.9% compared to May and the same figure for petrol cars rising by 4%.
In the retail market, data from Motors.co.uk showed a slight softening for all fuel types, including hybrid and electric cars, which perhaps reflected contracting consumer confidence in the run up to the EU referendum.