Volume brands have seen values fall by over 3 per cent during April and May and by 2.5 per cent in June, according to research by EurotaxGlass's. The SUV sector has been particularly hard hit compared to the rest of the market, with three to five-year-old models coming under the greatest pressure.

“A downturn in used car sales activity during the summer months is normal but price movements over recent months have generally been slightly more severe than those of the same period in 2006,” said Adrian Rushmore, managing editor at EurotaxGlass's. “This year's dip came earlier than in previous years and the month-on-month drops have been sustained.” Rushmore added that dealers had also reported especially low levels of customer footfall in showrooms during the first two weeks of this month.