The overall average selling price for cars at Manheim’s auctions in May held firm compared to the previous month, with a marginal drop of just 0.2% (£8) to a figure of £5,278.

For ex-fleet cars, there was a 4.9% (£469) fall in average selling prices in May, to a figure of £9,183.

Cars from volume brands saw average selling prices increase in the Manheim wholesale market in May, rising by 4.2% (£166) from April.

Manheim added that the arrival of warmer and drier weather appears to have helped the market for drop-tops, with month-on-month average selling prices increasing for cabriolets and convertibles in the wholesale market by 4.2% (£243) and 0.9% (£73), respectively, and roadster prices holding firm.

Continuing a trend seen in April, there were further increases in average selling prices for electric cars recorded in May. Manheim saw prices increase by 15.5% (£1,054) compared to April.

In contrast, average selling prices for diesels dropped slightly by 1.8% (£128) while petrol models showed a 2.0% (£69) increase in prices.