To put the easing in wholesale vehicle prices into perspective, consider these two streaks.

The Manheim Used Vehicle Value Index has decreased on a year-over-year basis for 21 consecutive months.

And in May, the index fell below 200 for the second straight month, reaching levels not seen since early 2021.

The index came in at 197.3 for May, according to parent company Cox Automotive, compared to 198.4 the month before. Prior to April, the last time the index came in below 200 was March 2021, when it was at 195.4.

When adjusting for mix, mileage and seasonality, wholesale prices were off 12.1% year-over-year in May and fell 0.6% month-over-month, according to Cox. Unadjusted, prices fell 11.4% from May 2023 and dipped 1.2% month-over-month.

“While declines in used-vehicle values overall were a bit muted in the first half of May, they picked up in the latter half of the month,” said Jeremy Robb, senior director of economic and industry insights at Cox Automotive, in a news release.

“It’s seasonally normal to get some weakening in the market over the Memorial Day weekend; but this month, we experienced a little more softening in the final week,” Robb said. “As we move into summer, used retail days’ supply remains lower than last year, which could bring in more buyers at Manheim in the coming weeks.”

Looking at segment movement beyond the overall 12.1% drop, luxury values fell 11.4% year-over-year in May, compact cars fell 17.4% and midsize cars were down 16.3%, according to the Cox data.

Pickup values were off 11.2%, and SUV/CUV prices were down 13.2%.

Non-electric vehicle values fell 11.6% in May, while EVs dropped 16.0%