Examples of notable increases in values include: Small Hatchback, up 7.0% (£308) to £4,690; Medium Family, up 8.8% (£478) to £5,895; Large Family, up 5.9% (£291) to £5,207; Compact Executive, up 18.1% (£1,391) to £9,091), and; Mini MPVs, up 3.3% (£166) to £5,241.

Average wholesale values also rose, up by 4.5% (£312) to £7,187 in January. However, Manheim says values were forced up higher due to the cold snap which led to increased demand for used 4x4s.

Mike Pilkington, managing director, Manheim Remarketing, said: 'Although average wholesale values increased in January, much as expected, the bad weather certainly had a disproportionate impact on 4×4 values. During the worst of the weather, physical attendances at the auctions were affected but overall attendances remained strong as a much larger than usual number of buyers logged onto Simulcast, the UK's premier trade-only online wholesale channel.'

He added: 'We expect values to remain strong in February and March before the seasonal softening of the market becomes evident.'