It is a trend which is set to continue as stock levels remain low, according to Andrew Shepherd, senior group auctioneer at Manheim.
He said: 'Now that we have entered the second quarter of 2003 it looks as though the auction halls are still going to be devoid of stock for the coming weeks. Many vendors cannot see any breakthrough in volumes coming back in for disposal and this seems to be the trend so far this year and as long as this market continues then values will remain high.'
Manheim has seen buyers showing extra caution but emphasised that the current situation in Iraq has had no bearing on the market.
Shepherd said: 'The war in Iraq does not appear to have had any influence on the market. However, it is noticeable that petrol and diesel prices have increased and should this trend continue then it may just affect the 3.0 and 4.0-litre vehicles.'