Used vehicle prices are plummeting. That's good news if you're in the market for a new ride. Bad news if you're counting on a trade-in to do it.

Why it matters: Used car prices were a major driver of post-pandemic inflation.

The big picture: Average wholesale prices declined to $17,934 in June, down 8.9% versus a year earlier, according to Cox Automotive's Manheim Used Vehicle Value Index out today.

• That's the 22nd straight month of year-over-year drops.
• Wholesale price trends typically translate into similar retail price movement.

The price declines are hitting EVs the hardest as choices proliferate and some consumers balk at the chance to go electric.

• Used EV prices are down 16.6% over the last year.
• The average price of a 2023 Tesla Model 3 with two-wheel-drive has plunged 40% in a year, according to Manheim.

Between the lines: Vehicle inventories have recovered after the pandemic temporarily ravaged supply chains, which limited automotive production capacity and caused prices to spike.

• Now, after years of enjoying massive price increases, dealers are ramping up incentives on new vehicles — which has a "waterfall" effect causing used vehicle values to recede, Cox Automotive chief economist Jonathan Smoke said on a conference call.
• Overall, sedan prices are down 11% over the last year, while SUV prices are down 9.3% and pickup prices are down 8.3%.

Reality check: None of this is a welcome development for people looking to trade in a vehicle they're still paying off.

• Upside-down loans — where the vehicle is worth less than the person owes — hit an all-time high of $6,255 in the second quarter, which is up 39% from two years ago, according to data released today by car research site Edmunds.

What we're watching: June's Consumer Price Index comes tomorrow, giving us more insight into how used car prices are factoring into inflation.

Go deeper: Tesla's declining vehicle deliveries signal it's losing EV dominance

Disclosure: Cox Automotive is owned by Cox Enterprises, which is the majority owner of Axios.

🤳 Samsung launched its first smart ring (Yahoo Finance) as unionized workers went on strike. (NYT)

🤖 Walmart plans to open five warehouses capable of automating fresh food distribution. (CNBC)

💼 TurboTax maker Intuit is cutting 1,800 workers who were "not meeting expectations" — about 10% of its personnel — and will rehire the same number with a focus on AI-driven products. (Bloomberg)

🚙 Amazon's AWS launched a blitz of AI products. (Axios)

📺 CNN will lay off 100 employees as it refocuses its website on video. (Axios)

Microsoft is relinquishing an observer seat on ChatGPT maker OpenAI's board.

Why it matters: Microsoft pushed for the spot after the November ouster of OpenAI boss Sam Altman — but the company has since faced elevated antitrust scrutiny over its powerful role in the booming AI economy.

Driving the news: In a letter to OpenAI seen by Axios, Microsoft said the move was effective immediately.

• "Over the past eight months we have witnessed significant progress from the newly formed board and are confident in the company's direction," Microsoft said in the letter.

The bottom line: With Microsoft's departure, OpenAI no longer plans to have any observers on its board, according to a source familiar with the company's thinking.

Go deeper

If you've been hoarding casino chips for The Mirage in Las Vegas, time is ticking to cash them in.

Why it matters: The property will be demolished to make way for a new guitar-shaped structure: the Hard Rock Hotel & Casino and Guitar Hotel Las Vegas.

State of play: Sunday is the last night to stay at The Mirage, while gambling there will end in a week, the Las Vegas Review-Journal reports.

• Mirage casino chips can be cashed in for another 120 days at the nearby Treasure Island casino.

The intrigue: The iconic volcano attraction located outside the casino will also be demolished.

• But there "is something in store" before it goes away, the Review-Journal reported. "Exactly what will be a surprise."