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Used car values were down by 5.9% month-on-month in March, according to auction firm BCA.
However, the company said the average sale price of £9,340 was still 17.3% up on March 2021.
It said the market continued to trade steadily despite external economic pressures.
According to BCA, demand lifted a little earlier in the month as sellers and buyers found some common ground following downward movement by price guides, however values ended the month in a more negative position than those reflected by the publishers.
BCA said the best quality, best prepared vehicles continued to be those most fought over, while those carrying unrealistic expectations or missing provenance soon became left behind as the market adjusted.
BCA UK COO Stuart Pearson said: "Last month we raised concerns that sellers and buyers ran the risk of drifting apart in March, and whilst there was an initial positive step, the reality is that by the end of the month things were drifting again, with the final published move into April falling well short of what the overall market was seeing.
"There is no doubt that things have got tougher for used car retailers due to the pressures on consumers' wallets and that is bound to have an impact in the wholesale sector. This is where the value of real-time, daily updated valuation systems can add real value and our valuations team have been working closely with our customers to ensure that vehicles are valued in line with market expectations.
"With March 2022 recording the weakest performance for new car sales since 1998, there is no need for panic as diminished supply should ensure that used values remain fairly resilient, although there is definitely room for some further balanced corrections over the next couple of months."
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