The used values for nearly new city cars fell by 2.5% at six months and 5,000 miles in October, according to cap hpi.

City car values fell faster than the industry average, where values fell 1.3% at three years and 60,000 miles.

Used cars aged less than a year fell in value by an average of 1.5%. According to cap hpi, October was strong for values, overall, with downward value movements seen only in the final eight working days of the month.

James Dower, senior editor black book at cap hpi said: “The stock volumes that were expected in October did not enter the used car arena until a little later than would normally expect. This led to values holding a little stronger than the seasonal average.”

Convertible and Coupe Cabriolet values saw seasonal declines of 4.2% and 3.9% respectively at three years and 60,000 miles.

Dower added: “The used car market is beginning to slow against a backdrop of increased dealer stock volume; high pre-registration levels and growing de-fleet numbers.

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“Consumer confidence remains strong…however, with the volume of stock that we have seen enter the market, price positioning in the used car marketplace will be essential.”