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The average value of used cars at the three-year/60,000 mile point has fallen by 1.5% during April, according to Cap HPI.
The data firm said this fall followed an overall rise in values of 0.5% over the first quarter of the year and reflected a gentle softening in demand and an increase in supply.
It said a slight dip in the market following the Easter weekend was in line with what typically happens at this time of year.
Cap HPI director of valuations Derren Martin said: "The market feels healthy, but a number of retailers have expressed that demand is slightly below where they had hoped and budgeted for, after a robust first quarter.
"Petrol-engine vehicles have continued to be the flavour of the month, with dealers comfortable that they will sell these quicker than other fuel types. Interestingly, BEVs and diesel-engine cars have been the slowest to sell, making dealers wary about overstocking."
Average values of one-year-old cars have fallen by 1.3% during April, while average values of five-year-old and ten-year-old cars have fallen by 2% and 3% respectively.
EVs saw an average value drop of 3.7% - the biggest for the segment since June last year - compared with 1% for petrol and 1.9% for diesel. However, some EV models, including the Honda E, Lexus UX, and Seat Mii saw prices remain level, while the Mini Cooper Electric and Cupra Born saw increases.
Martin continued: "It would not be a surprise to see values continuing to gently dip in Cap Live in May, in what is traditionally one of the more difficult months of the year, with supply still high from March and April new car activity, plus bank holidays to contend with.
"The average May movement in values since 2012, excluding 2020 and 2021 due to the highly unusual used market in those years, was -1.6%. So, if we are returning to seasonal norms, somewhere close to this average would not be a shock.
"Battery electric models will likely continue to see mixed-value moves. There have been some incredibly large drops this month, which may help stimulate demand, but there could also be some large movements to come for some cars as they continue to find their place in the market."
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