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Average used car prices were down by 3.8%, or £331, month-on-month in November, according to auction company BCA.
An average sale price of £8,492 was also down by £1,074 compared with November 2021.
BCA said the fall had been driven by stock mix, with a greater proportion of older, lower value vehicles making up the total.
In addition, it said seasonality had also kicked in within the wholesale market, and one area of weakness during the month was said to be the performance of EVs, with guide price performance being significantly impacted.
BCA UK COO Stuart Pearson said: "The cost-of-living crisis, inflation and higher interest rates are likely to be driving the increased activity levels in the budget sector, as motorists needing a used car will be balancing their household budgets with the cost of a replacement vehicle.
"This change in model mix has naturally impacted the headline average value, however the devil is always in the detail with a number of sectors continuing to perform well, and others starting to be impacted.
"With more new-model EVs entering the market, used values for EVs are really in the spotlight, and therefore it's not surprising to see some pricing realignment as the cycle of three-year-old product returns.
"We've also been spoilt with a long run of pricing resilience which can make any shift seem more dramatic, so at a time when household budgets are under as much pressure as anyone will remember, we're working closer than ever to keep our sellers and buyers aligned to keep the market moving."
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