The cuts were concentrated among executive and prestige cars, which showed a 5.2% reduction on the same month last year. Other significant falls included sports cars at 2.3% and upper medium family cars at 1.9%, but buyers waiting for significant cuts in supermini prices will have to wait longer, with the segment showing a rise of 0.3%.
CAP Motor Research senior economist Ramesh Notra said: 'Executive cars have fallen twice as far as any other sector.
'The values of used executive models have stabilised however, which reinforces the view that they will not be affected by new car price cuts, being too distant from list price to move accordingly.'
Meanwhile, the fall in used car values is slowing, as October saw a year-on-year decline of 7.7% - the smallest fall for five months at a time when trade normally slows, putting increased pressure on values.