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The average value of used cars at the three-year, 60,000-mile point fell by 1.9% in September - the largest drop seen during the month for 15 years, according to Cap HPI.
The automotive data firm said it was the worst September for the market since 2008, when values fell by 4.1% amid the global financial crisis.
According to Cap HPI's data, September is generally a positive month for the market, with values having been level or seen a small increase each year since 2016, except for a 5.9% rise in 2021.
However, director of valuations Derren Martin said there was no cause for undue alarm.
He said: "It is important to put this month's data into context. Used car values currently remain some 25-30% above where they were before those extraordinary increases in 2021.
"The downward movements now being experienced are a relatively gentle realignment, not a crash, and they are no longer increasing in severity - value drops have been consistent for the last three months now."
For the first month this year, EVs were the best-performing fuel type on average at three-years 60,000 miles, with values reducing by 1%, compared with 2% for petrol and diesel cars.
Other average value drops seen in September include by 1.6% for one-year-old cars, 1.8% for five-year-old cars, and 2.1% for ten-year-old cars.
Martin added: "October will see higher volumes hitting the wholesale market, as fleet returns and part-exchanges become more plentiful from September registration activity.
"There is little reason to predict that consumer demand will improve, although the recent Bank of England announcement not to increase interest rates will not hurt and is welcomed across the industry. It is likely, however, that supply will outweigh demand, and with used values still high, on average, further pressure on them is likely.
"An average reduction similar to that of the last three months would not be a surprise and, indeed, is widely expected."
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