Average dealer part-exchange used car values in June rose 2% to £2,374 compared to June 2011, according to the latest analysis from Manheim.
Overall, the volume of all cars available for sale, across fleet, dealer part-exchange and retail, has fallen dramatically during this period.
The overall average selling price of dealer part exchange vehicles fell by 1.8% in June to £2,347 compared to May.
Daren Wiseman, valuation services manager at Manheim Auctions, said: “Values have increased over the last 12 months, however, the fall in available stock has led to choice becoming more limited.
Buyers may well be snapping up stock they probably wouldn’t have looked at six months ago just to make sure they have enough out on the forecourts.
“The stock pool is likely to shrink further over the next six months and this, combined with an once-in-a-lifetime summer of sport and distractions, means it will be very difficult to predict retail demand going forward.
“Interestingly, a trend is starting to appear to suggest that ever-increasing fuel prices are having an impact. While the age of the vehicles is increasing, the average mileage is tending to fall, suggesting that people might be endeavouring to drive fewer miles while hanging on for their vehicles for longer. This is a trend which may well start to make an impact in two or three years’ time when current ‘new’ vehicles hit the used vehicle marketplace.”