The Manheim Used Vehicle Value Index increased slightly month-over-month in May.

The index – which measure wholesale prices adjusted for mix, mileage and seasonality – now stands at 139.6. That is up from 138.4 in April and 134.2 in May 2018.

Looking at trends in weekly Manheim Market Report (MMR) prices, the spring bounce in values ended in April, and May saw steady and slightly lower than normal depreciation each week. Three-year-old vehicle values in aggregate saw a decline of 1.3 percent for the month, which matched last year’s performance.

Prices in aggregate are now lower than the beginning of the year, but non-luxury prices remain higher as a result of their strong spring bounce. Luxury vehicle prices, which have seen abnormally high depreciation this year, saw declining depreciation in May.

On a year-over-year basis, most major market segments saw seasonally adjusted price gains in May. Midsize cars and pickups outperformed the overall market, while all other major segments underperformed the overall market.