The average value in February was up 12% year-on-year to £4789 despite a two-month rise in average age to 58.5 months and a 2000mile rise in mileage to 78,770.

Duncan Ward, BCA’s general manager said: “Prices are high largely as a result of constricted supply and, seasonal variations aside, we should expect a similar picture across much of 2013.”

In the fleet and lease sector values rose 7% month-on-month in February to £5823 (up 17% year-on-year), the third consecutive month to achieve a record for corporate stock.

Performance against Cap improved by a point to 103.3% while retained value against recommended price at new improved from 32.7% to 34.9%.

Ward said the used market was still in uncharted waters following the new sales crash of 2008/2009.

“While stock remains in short supply corporate vendors are enjoying some exceptional values,” he said but added: “We know from experience values cannot keep rising and there will be an adjustment at some stage.”

Part-exchange and nearly-new values both fell month-on-month in February.

Manheim Remarketing meanwhile reported a 2.8% dip in overall average monthly values to £4283 in February but said average mileage increased by 2225 miles to a record 86,602 miles. While sales volumes continued to fall, Manheim said buyer attendance was increasing both in auction halls and online.