As auction values continue to drop, dealers are also paying less for trade-ins that come into their dealerships.

According to the November edition of the NADA Official Used Car Guide, trade-in values dropped by 2.8 percent relative to October.

While car values fell by 3.2 percent, trucks saw a 2.2 percent decline. This trend mirrors that of auction values, as trucks continue to outperform cars in the depreciation arena.

Subcompact and compact car trade-in values took the biggest hit, falling by an average of 3.6 percent.

Mid-size car values declined by 3.3 percent. Luxury car values performed better with a smaller average drop of 1.6 percent.

Highlighting price movement for the larger vehicle trade-ins, compact utility, midsize utility and midsize van prices fell by an average of 2.3 percent. Large pickup and utility prices dropped by just 1.4 percent.

According to NADA UCG, so far this year trade-in values have dropped by an average of 12.7 percent. Cars have experienced a heftier drop of 14.8 percent this year, while truck trade-in values are 9.4 percent lower than rates seen at the beginning of 2015.