The firm's latest Pulse report shows that fleet values fell 2.4% (£186) to £7,553 in February, with CAP performance dropping by just under a point to 97.7%. Year-on-year values are ahead by £189, equivalent to a 2.5% rise. 

BCA says that model mix will undoubtedly have had a part to play in the average value decline, with a lower percentage of higher-value premium cars sold in February compared to the previous month.

Average values across the board increased by just £11 compared to January's figure to reach £5,985 and are at the highest point recorded since December 2009.

However, fleet values and overall average values could come under pressure in coming weeks as volumes start to rise in late March.

BCA's communications director Tony Gannon said: 'Although it is early days, we would expect to see defleet volumes ramp up in late March and this will possilbly result in some more price pressure in the fleet/lease used car sector.' 

He added: 'The overall economic picture remains gloomy, however, and consumer confidence is fairly low. High fuel prices are contributing to rising inflation, as well as the knock-on affect of the VAT increase – it all means motorists are likely to be looking to reduce their costs going forward.'

He concluded: 'Vendor strategy is going to be increasingly important in the weeks ahead. Easter and the Royal wedding both fall into the same week at the end of April and it is quite possible that the wholesale market will soften around that time. Sellers should ensure they make the most of the demand in the intervening weeks.'