Wholesale vehicle values have cooled after a spring season peak, with seasonal depreciation and affordability front and center — though with some variance by segment.

That’s the major takeaway from the latest monthly used-car price indices released by Black Book and Cox Automotive, respectively.

Starting with Black Book, its Used Vehicle Retention Index came in at 146.0 for July, down 0.9% from June and down 0.3% from a year ago.

“July brought further depreciation across much of the used-vehicle market as affordability pressures continued to influence consumer purchasing decisions,” said Laura Wehunt, vice president of data & analytics at Black Book, in analysis around the index.

“However, performance varied significantly by segment,” Wehunt added. “Compact cars and midsize cars were among the strongest performers, posting month-over-month gains as consumers increasingly prioritized fuel efficiency and value amid elevated fuel prices.

“Years of reduced production in these segments have also limited used-vehicle supply, helping support stronger value retention. Meanwhile, midsize crossovers declined 1.5% during the month, reinforcing that market conditions continue to vary considerably across vehicle categories.”

Over at Cox Automotive, the Manheim Used Vehicle Value Index came in at 210, up 1.3% year-over-year and down 1.4% month-over-month. The long-term average sequential change is a 0.4% increase.

Unadjusted, wholesale values climbed 1.7% year-over-year and fell 2.6% month-over-month, Cox Automotive said. Long-term, the average month-over-month change is a 0.7% decrease.

“Wholesale values kept normalizing through July, continuing the pattern since the spring bounce peaked in March,” Cox Automotive senior director Jonathan Gregory said in an analysis.

“The Manheim Index closed the month at 210, down 1.4% from June and about 2.5% below that March high. The year-over-year gain slowed to 1.3%, down from June’s 2.1% — a good chunk is a comp effect as we lap last summer’s tariff-driven climb, but genuine seasonal depreciation is doing more of the work now that we’re fully into summer.”

Like Wehunt at Black Book noted, value movements varied by segment.

Compact cars were up 4.1% year-over-year, while pickups fell 2.3% and SUVs/CUVs dropped 1.7%, the Cox data shows.

Midsize cars fell 1.4%, while luxury vehicles were up 0.8%.

EV segment prices were up 10.5% year-over-year in July, while non-EV segments were up 0.4%, Cox said.

Gregory points out that gas prices increased in July, following a brief respite the month before.

“That’s kept demand for used EVs firm even as the broader market cools. EVs held above 4% of all units in the Manheim Index for a second straight period, a share we hadn’t seen before this year,” Gregory said.

“But the EV Index itself decelerated, down 2.1% from June, and its year-over-year gain came in at 10.5%, down from June’s 12%. Non-EV values are essentially flat against last July, up just 0.4%. I wouldn’t call this a reversal yet, but it’s the metric we flagged on our Q2 call to watch, and July is the first month it’s showing up.”

He added: “The bigger picture is still affordability. Compact cars remain the strongest performer year over year, and the softness we’d confined to SUVs and pickups has spread into midsize cars too. Off-lease maturities kept building. These are a healthy source for dealers’ late-model inventory, but also adding to the depreciation pressure we’re watching into the fall.”