When comparing the first and second quarters, the results bucked the trend established over the past two years, when Q2 values declined against Q1.
Average values were also up by £696, a 10 per cent rise, year-on-year. However, while values are rising, both average age and mileage are falling.
BCA’s UK operations director Simon Henstock said: ‘Average used car values have been rising largely as a result of an imbalance in supply and demand.
‘As the economy improves, there is a greater demand from motorists to change their existing vehicle, yet supplies of good, retail quality cars in the wholesale sector are relatively limited – a legacy of the lower new car sales following the onset of the recession.
‘This has resulted in some significant rises in average value across the used car market, which is highlighted when you look at the longer term trends.’
Fleet and lease sources have also seen an increase in average values rising by £784 over the past 12 months.
Quarterly dealer part-exchange values averaged more than £4,000 for the first time on record in Q2 of this year and were up £334 compared to a year ago. However, compared to 2012, values have risen by £1,158, equivalent to a 40.7 per cent rise in just 24 months.
Henstock added ‘Dealer part-exchange cars sold by BCA are averaging 40 per cent more in 2014 than they were in the same period in 2012, while fleet & lease cars are up by 21 per cent over the same timescale. Some of this will be down to model mix, but much of it is sheer demand in a competitive marketplace.’