Average wholesale values for cars fell by 3.5% (£263) to £7,173 in October, with average values in the fleet sector falling by 2.1% (£137) to £6,413, according to Manheim’s latest market analysis.

Within the fleet sector, examples of notable decreases in average values include small hatchbacks, medium family and compact executive models, which fell by 8.6% (£422 to £4,475), by 5.7% (£344 to £5,704) and by 8.1% (£725 to £8,236) respectively.

Despite falling values, there were some examples of increases, notably large family models in the fleet sector, which rose by 1.2% (£62 to £5,321).

“Although values have dropped slightly, average wholesale values are still 31.3% (£1,710) higher than 12 months ago,” explained Mike Pilkington, managing director, Manheim Auctions & Remarketing.

He added: “These price movements are in line with seasonal norms and reflect the more cautious and selective approach to purchasing stock at this time of year.”