Wholesale vehicle prices fell nearly 12% year-over-year in April and have continued modest month-over-month declines in May, according to the latest Kontos Kommentary report from ADESA chief economist Tom Kontos.

Overall wholesale values last month came in at $14,559, down 11.7% from the April 2023 average of $16,468, according to the report. Prices were down 0.3% from March, when wholesale values averaged $14,603.

For the week ending May 19, the average wholesale price dipped to $14,540, the report noted.

“Wholesale prices were slightly down in April, indicating a plateauing spring market that has continued into May,” Kontos said in the report.

“Prices for late-model vehicles have generally held up better than overall prices, as dealers seek to find affordable substitutes for expensive new vehicles on behalf of their customers.”

Average late-model vehicle prices came in at $24,901 for April, according to the ADESA report, and moved upward to $25,762 for the week ending May 19.

Kontos explains that late-model vehicle values had a more rapid rise than the overall market through March as well as a steeper descent in April.

But their prices have “firmed” this month, he said.

On the retail side, J.D. Power said in data released Thursday that used-car prices have averaged $28,470 this month. That’s down 5.4% year-over-year.

“The decline in used-vehicle values is translating to lower trade-in equity for owners, now trending towards $7,866, which is down $1,438 from a year ago,” said Thomas King, president of the data and analytics division at J.D. Power, in a forecast.