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There was a 20% drop in the volume of vehicles aged under two years old through the National Association of Motor Auctions auction network last month, according to NAMA
According to NAMA, retailers need to absorb increases in the nearly-new market in order to sustain residual values.
"Seasonality is certainly reflected in lower month-on-month demand for nearly-new stock and this reduced demand is evident across most age categories," said NAMA chairman Paul Hill.
"Our overall confidence in the resilience of the market is derived from a strong year-on-year increase in remarketing activity," he added.
"Overall sales this October were up an impressive 12% on the same period in 2014. It does seem that we are seeing sustained consumer confidence feeding through into higher used vehicle sales activity."
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