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The average price of used cars sold at auction in August was down by £510 compared with July, according to remarketing firm BCA.
Last month's average of £8,954 was also down by £1,199 compared with August 2021.
BCA said the decline was mainly due to a changing model mix.
Performance against guide values was also down slightly compared with July, at 97.3%. However, sold volumes rose to their highest point since March, despite August traditionally being one of the quieter months for used car sales.
According to BCA, demand improved during the month and while vehicles in better condition generated significant interest, buyers also started to shift their attention towards lower grade and higher mileage vehicles.
BCA UK COO Stuart Pearson said: "Given the ongoing concerns around the cost of living, inflation and interest rates, political uncertainty and the ongoing war in Ukraine, trends in the used car market were relatively positive in August.
"Sold volumes increased at BCA in August and while average values came under some pressure, this was largely a result of the change in model mix that is typical at this time of year.
"Seasonality has made a return in 2022 and trading activity across the wider used car market has settled down to more familiar patterns as the constraints imposed by the pandemic have receded.
"That said, the ongoing shortage of ex-lease, rental and OEM stock is likely to remain a challenge for the wholesale used vehicle sector for some time to come. But even here, the SMMT's August report noted the first upswing in new car volumes for many months - a modest 1.2% rise - so perhaps we are starting to see the very earliest green shoots of recovery in the new vehicle sector?"
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