The average selling price of ex-fleet vehicles reached a record high of £7,724, according to Manheim’s latest market report for October 2013.
This is a considerable increase of £833 in the year-on-year values for the period of October 2012 to October 2013.
The value of ex-lease and contract hire cars has now reached its highest level since the Manheim Market Analysis began back in 2007.
The latest figures from Manheim’s monthly report show that the average value of used cars from the fleet sector rose by £395 during October 2013.
While average age remained static from September to October at 49 months, average mileage figures show a decrease of 976, to 55,547.
When looking at the broader year-on-year figures, although the average age of vehicles at auction has returned to 49 months, October 2012 to October 2013 values increased by £833, which can be attributed to a considerable fall in mileage of 3,206.
Looking at the figures in more detail, the average selling price increased in five of the 10 vehicle segments during October and was most noticeable with medium family models, which rose by £732.
This is reflective of the decrease in average age of two months, to 45 months, along with a marked drop in the average mileage of 4,057, to 50,748.
Contrary to this, the most notable fall in value occurred within the MPV model sector.
This particular segment fell by £597, to £7,763, due to an increase in the average age of six months and an increase in mileage of 7,876, to 62 months and 71,491 miles respectively.
Daren Wiseman, valuation services manager at Manheim Auctions, said: “Typically, we would expect to see selling prices of ex-fleet cars soften slightly in October, but the market analysis clearly contradicts this.
"However, as a word of warning, while the headline figure has no doubt been bolstered by a reduction in mileage of the cars coming to auction, the big picture is that, although volumes have risen following the September plate change, the market is set to stabilise over the next few months.
"As we head towards 2014, demand is set to remain high, as buyers pick up stock for the Christmas period, but there will be a price adjustment across the entire de-fleet sector.
"As a note of caution to fleet managers, this price adjustment means that future residual values should not be based on current vehicle performance at auction.”