THE value of Britain's used car market reached a record £23.3 billion last year fuelled by demand for nearly new cars and top quality ex-fleet vehicles. The 24% increase on 1994's £18.8 billion value sees the value of the used car market overtake the value of the UK's new car market - £21.1 billion last year - for only the second time since figures first became available in 1988, according to ADT Auctions' 1996 Used Car Market Report.

Last year's dramatic surge in the value of the used car market, which also saw sales rise one million units from 6.9 million in 1994 to 7.9 million last year - a rise of 14.5% - came as new car sales rose just 1.8%. Overall the size of the UK car parc increased by 400,000 vehicles to 24.2 million units.

The boom in used car business is due to the creation of the nearly new car market by manufacturers chasing increased market share through so-called self-registrations as private buyers refused to buy new cars and the release of pent-up consumer demand following the recession. The report, the sixth by ADT Auctions into the used car market, says: 'Demand for used cars seems to show no signs of abating. The result will be continued high demand for good quality used cars up to five years old.'

The Used Car Market - A 1996 Report by ADT Auctions, costs £75 and is available from ADT Auctions, Blackbushe Airport, Blackwater, Camberley, Surrey GU17 9LG.