Used car values in the UK have reached record levels in the UK this year, new data from British Car Auctions (BCA) has confirmed.

Following the publication of the organisation's latest Pulse update for December, values were shown to be up by 20.2 per cent in November 2013 at £5,109 for light commercial vehicles in comparison to the same month in 2012.

Meanwhile, values for fleet and leased vehicles rose by one-third (33.5 per cent) over the last 12 months to £6,820.

Simon Henstock, BCA's UK operations director, commented: "A year ago, we were saying that used car values could not possibly maintain this upward price trend forever and, while that is no doubt correct, there has been little in 2013 to suggest a sustained fall in values any time soon."

Looking to 2014, Mr Henstock noted January will typically deliver an upturn in sales, but it remains to be seen whether the impressive performance of 2013 can be replicated over the coming year.

"Whether or not we see the sustained price evolution we have experienced over the past 24 months will largely depend on stock availability and buyer confidence, as price is effectively set by the balance between supply and demand."

A reduction in used values will likely come at some point as a result of increases in the new car market over the last year, but this could take some time to filter through, Mr Henstock concluded.

Demand for used vehicles across the country continues to be extremely strong and the availability of retail-quality vehicles remains limited meaning prices are likely to stay high for at least the next few months until this situation is resolved.

Dealer part-exchange has been one of the most high-demand areas of the used car sector over recent months, with values regularly rising by 20 per cent over the same time in 2012, despite the fact the market is typically witnessing vehicles that are slightly older and with a higher mileage.

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