In May, wholesale used-vehicle prices declined slightly from April, with the Manheim Used Vehicle Value Index falling 1.4% to 205.2, although prices remain 4% higher than last year. April’s tariff-related spike gave way to modest depreciation in May, particularly mid-month, before leveling off.

Retail used-vehicle sales dropped 3% month-over-month but rose 4% year-over-year, while average listing prices dipped 0.5%. Luxury vehicles and SUVs saw the strongest year-over-year gains, while compact cars underperformed. EV values were up annually but declined less than non-EVs month-over-month.

Retail days’ supply remains tight at 44 days, and new vehicle sales saw only a modest 0.3% increase from April, despite being up 2.5% year-over-year.

Consumer confidence rose sharply in May across several indices, signaling improved economic sentiment and purchase intent.

Rental risk unit prices remained elevated, despite a 1.3% monthly decline, with mileage levels rising slightly.

Meanwhile, gas prices dropped slightly to $3.14 per gallon, continuing a downward trend year-over-year.