CAP has begun reporting the values of higher mileage cars in its trade guide Black Book.

It has also reassessed depreciation for cars above 100,000 miles as these cars are now achieving higher prices.

CAP also reports that auction conversion rates last month in the leasing sector again reduced, this time from 86.4% to 82.8%.

The percentage of CAP achieved has also reduced, on average, from 101.5 to 100.3.

It has also found that dealer stock purchase has seen another increase.

Due to the ongoing shortage of stock this has led to a reasonably robust performance in terms of trade prices, it said.

This means that, on average, used car values are generally stable.

Looking ahead there are no signs of significant volume returning. "With most car buying activity currently focused on the used sector we therefore anticipate a similar picture over the next few months," it said.