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Average used car prices fell by £570 from £9,868 in December 2017 to £9,298 in January 2018, according to BCA.

In its monthly Pulse report, the auction house said last month’s figure was “on a par with values seen in October and November” and that values were still up 7.8% and £679 year-on-year.

Average values for ex-fleet and lease cars were £10,513 in January, down £91/0.8% against December, though year-on-year values were up by £350 (3.4%), while average mileage was 40,793, down from 40,3546 in December. Retained value against original MRP (Manufacturers Retail Price) improved slightly to 42.09%.

Ex-fleet and lease prices peaked in £10,856 in October 2017.

Despite falling values, the company said it sold a record volume of used cars last month. In the second week of January, it exceeded its previous weekly sales record by more than 10%, selling 25,500 vehicles across the network.

“January was an exceptional month across BCA’s network as we handled and sold record volumes of vehicles,” said Stuart Pearson, managing director for UK Remarketing at BCA.

“The used car sector certainly started the year strongly, with competitive bidding across the board from high value prestige stock to older, higher mileage budget vehicles. The weather had no impact on trading, with buyers switching to our Live Online platform if travel was difficult.

“Despite the sharp rise in volumes, supply and demand was well balanced and buyer activity was strong and confident.

“That said, the competition for the buyers’ wallet remains intense and BCA is launching a number of digital initiatives and service enhancements that will firmly put the customer at the heart of our business activities over the coming months.

“BCA expects to see strong demand over the coming week as we approach the March plate change with a healthy sales program in place to support this.”