Manheim Used Vehicle Value Index

Data Macro

Source: Manheim
Source Link: https://www.coxautoinc.com/
Frequency: Semi-Monthly
Next Release(s): March 18th, 2026 9:00 AM

Latest Updates

The Manheim Used Vehicle Value Index rose +0.8% MoM and +4.0% YoY to 212.3 in February, showing stronger-than-seasonal wholesale used vehicle price gains alongside firm dealer demand and tight inventory conditions.
- The Manheim Used Vehicle Value Index increased to 212.3 (+0.8% MoM; +4.0% YoY), exceeding the typical February seasonal pattern in which prices historically decline about -0.2% MoM.
- Non-adjusted wholesale vehicle prices rose +3.0% MoM and +4.2% YoY, significantly above the long-term February average increase of +0.9%, indicating stronger price appreciation than usual.
- Price gains were observed across all major vehicle segments YoY, with the luxury segment leading the market while compact cars and trucks posted the weakest relative increases.
- The Electric Vehicle Index rose +0.8% MoM and +1.8% YoY, while the Non-EV Index increased +0.9% MoM and +3.7% YoY, showing stronger price growth for non-EV vehicles despite moderation following the expiration of government EV incentives.
- MMR prices for the Three-Year-Old Index increased +3.1% MoM, a larger-than-typical gain for February that reflects stronger wholesale auction pricing.
- MMR retention averaged 100.3% (+0.3 pts MoM; +0.3 pts YoY), indicating vehicles sold slightly above market valuation benchmarks and pointing to seasonally strong price performance.
- Sales conversion reached 61.5% (+1.4 pts MoM; +0.4 pts vs the three-year February average), suggesting strengthening dealer demand and continued willingness to purchase vehicles at auction.
- Wholesale days’ supply fell to 26.7 days (-0.1 days MoM; +0.6 days YoY), remaining well below the pre-pandemic February average of about 31 days and indicating tighter inventory conditions.
- Rental vehicle prices increased +6.0% MoM and +9.1% YoY, supported by lower average mileage levels that were -25.2% YoY, which helped boost valuation levels.
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The Manheim Used Vehicle Value Index fell -0.2% MoM and rose +2.9% YoY in early February, showing a slight seasonal dip amid firm demand.
- The MUVVI declined -0.2% MoM (seasonally adjusted) but non-adjusted prices rose +1.9% MoM and +3.1% YoY, exceeding the typical +0.9% February increase and indicating underlying price strength.
- MMR Three-Year-Old Index prices increased +1.3% MoM equivalent in early February, with retention at 100.3% (+0.3 pts MoM; +0.3 pts YoY), pointing to lower-than-normal depreciation.
- Sales conversion averaged 62.5% (+2.4 pts MoM; +2.7 pts YoY), showing stronger auction demand relative to recent months and long-term norms.
- Overall vehicle prices rose +2.9% YoY, led by continued gains in the luxury segment while cars recorded the largest declines.
- EV prices increased +0.7% MoM and +1.7% YoY, while non-EV prices fell -0.2% MoM but rose +2.5% YoY, indicating firming EV values and slight cooling in non-EVs.
- Wholesale supply rose to 28 days (from 27 days end-January; flat YoY vs 2025), suggesting inventory slightly outpaced sales after tightening previously.
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The Manheim Used Vehicle Value Index jumped +2.4% MoM and +2.4% YoY to 210.5 in January, signaling a sharp early-year acceleration in wholesale used-vehicle prices.
- On a seasonally adjusted basis, wholesale used-vehicle prices rose +2.4% MoM, far above the long-term average January move of -0.2%, indicating unusually strong monthly price momentum.
- On a non-adjusted basis, wholesale prices increased +2.7% MoM and +2.5% YoY, exceeding the typical +0.4% January gain and confirming broad-based price strength.
- MMR prices for the Three-Year-Old Index climbed +1.5% MoM, rising more than is typical for this time of year and contributing to the overall index surge.
- MMR retention averaged 100.0%, up +0.4 ppts MoM and +20 bps YoY, remaining seasonally normal while showing slightly firmer pricing versus expectations.
- Sales conversion reached 60.7%, up +6.5 ppts MoM and 3.2 ppts above the three-year January average, pointing to stronger-than-usual wholesale demand.
- Year-over-year segment performance showed most categories slightly higher than a year ago, led by luxury vehicles and non-EVs, while compact and midsize cars continued to lag.
- The EV index rose +0.4% MoM and +0.8% YoY, while the non-EV index increased +2.2% MoM and +2.2% YoY, indicating stronger price growth outside the EV segment.
- Wholesale days’ supply fell to 26.6 days (-5.1 days MoM; -0.3 days YoY), remaining below historical January norms and consistent with tighter market conditions.
- Rental vehicle prices slipped -0.3% MoM but were up +2.4% YoY, with non-adjusted values up +0.6% MoM and +2.7% YoY, supported by sharply lower average mileage (-19% YoY).
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The Manheim Used Vehicle Value Index rose +1.8% MoM and +1.7% YoY in the first half of January, signaling a stronger-than-typical start to wholesale price momentum.
- The MUVVI increased to 209.2, with seasonally adjusted wholesale used-vehicle prices up +1.8% vs December, compared with a typical full-month January seasonal average decline of about -0.2%.
- On a non-adjusted basis, wholesale prices rose +2.1% vs December and were up +1.9% YoY, running ahead of the long-term average full-month January increase of +0.4%.
- MMR prices for the Three-Year-Old Index increased +0.6% in early January, described as stronger than last year and above the long-run average start-of-year pattern.
- MMR retention averaged 100.2% in the first half of January (+0.6 pts vs December; +0.4 pts YoY), indicating firmer pricing relative to market benchmarks.
- Sales conversion averaged 61.9% (+7.7 pts vs December; +3.6 pts YoY), pointing to seasonally strong demand at Manheim auctions.
- YoY segment performance showed overall prices up +1.7%, led by strength in luxury vehicles, while SUVs and compact cars recorded the largest declines.
- EV pricing softened relative to non-EVs: the EV index was -0.2% vs December and +0.1% YoY, while the non-EV index was +1.6% vs December and +1.6% YoY.
- Wholesale supply reached 32 days at end-December (vs 30.6 days end-November; +1.1 days YoY) and remained at 32 days as of Jan. 15, suggesting supply has broadly kept pace with sales early in January.
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The Manheim Used Vehicle Value Index edged up +0.1% MoM to 205.5 in December and was up +0.4% YoY, broadly in line with typical December seasonality and signaling stable wholesale pricing at year end.
- On a seasonally adjusted basis, wholesale used-vehicle prices rose +0.1% MoM in December, matching the long-term average of a flat December move and indicating limited month-to-month momentum.
- On a non-adjusted basis, wholesale prices declined -0.4% MoM but were up +0.5% YoY, underperforming the typical +0.3% December increase while still remaining slightly higher than year-ago levels.
- MMR prices for the Three-Year-Old Index fell -0.9% MoM in December, a somewhat larger decline than is typical for the period, consistent with depreciation trends catching up to longer-term norms.
- MMR retention averaged 99.6%, up +0.7 ppts MoM and +60 bps YoY, remaining seasonally normal and indicating stable pricing relative to market expectations.
- Sales conversion reached 56.8%, up +4.4 ppts MoM and +4.6 ppts above the recent three-year average, pointing to firmer dealer demand compared with typical year-end conditions.
- Year-over-year segment performance was mixed, with overall prices marginally higher than December 2024, led by strength in luxury vehicles and EVs, while compact cars, midsize cars, and pickups recorded the largest YoY declines.
- The EV index was up +2.5% YoY but slipped -0.1% MoM, while the non-EV index rose +0.1% MoM and +0.4% YoY, showing relatively stronger annual pricing for EVs despite recent moderation.
- Wholesale days’ supply increased to 31.7 days (+1.1 days MoM; -1.6 days YoY), consistent with normal year-end seasonal patterns, while rental vehicle prices rose +5.2% MoM and +2.7% YoY, supported by lower average mileage (-~15% YoY).
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The Manheim Used Vehicle Value Index rose +0.3% MoM in early December and +0.6% YoY, reflecting broadly seasonal wholesale price firming.
- The MUVVI increased to 206.0 in the first half of December, with seasonally adjusted prices rising more than is typical for the month, when values usually show little change.
- On a non-adjusted basis, wholesale prices fell -0.2% MoM but were up +0.7% YoY, underperforming the long-term December average gain of +0.3% MoM.
- MMR prices for the Three-Year-Old Index declined -0.5% in the first 15 days of December, indicating somewhat elevated depreciation early in the month relative to long-term norms.
- MMR retention averaged 99.7%, up +0.8 pts MoM and +0.7 pts YoY, remaining slightly above longer-term run rates.
- Sales conversion rose to 59.1%, up +6.7 pts MoM and +6.0 pts YoY, pointing to seasonally strong dealer demand at Manheim auctions.
- Overall wholesale prices were up +0.6% YoY, supported by strength in luxury vehicles, while trucks and compact cars recorded the largest YoY declines.
- EV prices were up +2.1% YoY but down -0.5% MoM, while non-EV prices increased +0.2% MoM and +0.6% YoY, highlighting softer recent EV momentum alongside continued annual outperformance.
- Wholesale supply stood at 29.9 days as of mid-December (-0.6 days from end-November; +1.7 days YoY), consistent with typical year-end inventory increases and still indicating balanced market conditions.
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The Manheim Used Vehicle Value Index (MUVVI) rose +1.3% MoM in November on a seasonally adjusted basis, lifting the index to 205.4, while YoY levels were essentially flat. The November rise was atypical compared with the long-term trend of a -0.6% decline.
- On a non adjusted basis, wholesale prices fell -0.3% MoM and were flat YoY, giving back part of the strength seen earlier in 2025 but still performing slightly better than the typical -0.4% November decline.
- MMR prices for the Three-Year-Old Index declined -1.9% in November, a slightly larger drop than the usual -1.7%, though the pace of decline moderated as the month progressed.
- MMR retention averaged 98.9%, down -0.1 ppts MoM and -50 bps YoY, remaining broadly consistent with seasonal expectations.
- Sales conversion rose to 57.2%, up +2.9 ppts MoM and +5.2 ppts above the recent three year average, indicating firmer dealer demand later in the month.
- EV wholesale values increased +2.3% MoM and +6.1% YoY, while non EV prices rose +1.3% MoM but slipped -0.1% YoY, reflecting stronger pricing momentum in the EV segment following tax credit expiration.
- Segment performance was mixed YoY: luxury vehicles outperformed with increases, while compact and midsize cars saw the largest YoY declines, leaving overall market prices unchanged YoY.
- Wholesale supply rose to 30.1 days (+2.2 days MoM; +1.3 days YoY), in line with typical seasonal increases, while rental prices fell -4.3% MoM and -3.3% YoY, with average rental mileage down -9.1% YoY.
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Wholesale used-vehicle prices rose +1.1% MoM on a seasonally adjusted basis in mid-November, while edging down -0.2% YoY, marking a modest firming relative to typical November depreciation.
- The Manheim Used Vehicle Value Index increased to 205.0 (+1.1% MoM SA, -0.2% YoY), contrasting with the long-term average November decline of -0.6%, indicating stronger-than-usual early-month pricing.
- Non-adjusted wholesale prices fell -0.5% MoM and -0.2% YoY, a softer drop than typical November declines (-0.4% on average), suggesting cooling depreciation.
- MMR prices for three-year-old vehicles declined -1.0% in early November, slightly better than the usual -1.2% pace, reflecting lingering inventory tightness.
- MMR retention averaged 99.1% (up 0.1 pts MoM but -0.3 pts YoY), indicating vehicles sold near modeled valuations.
- The sales conversion rate rose to 56.5% (+2.2 pts MoM, >1 pt YoY), showing seasonally normal but firmer dealer demand.
- EV wholesale values rose +4.3% YoY and +0.5% MoM, while non-EV values fell -0.2% YoY but rose +1.2% MoM, showing continued EV outperformance on an annual basis.
- Wholesale supply stood at 27 days as of November 15 (down from 28 at October-end and below the typical 30-day average), indicating tighter-than-normal inventory conditions heading into year-end.
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Wholesale used-vehicle prices fell -2.0% MoM in October 2025 (seasonally adjusted) to a Manheim Used Vehicle Value Index (MUVVI) of 202.9, marking a return to typical seasonal weakness though values remain roughly flat YoY.
- On a non-adjusted basis, wholesale prices declined -3.7% MoM but were still +0.2% YoY, giving back some of the strength observed earlier in 2025.
- October’s decline contrasts with the long-term seasonal trend of a +0.3% MoM increase on an adjusted basis, highlighting sharper-than-usual depreciation.
- The Three-Year-Old MMR Index fell -2.3% MoM, slightly less than the typical -2.5% seasonal drop.
- MMR retention averaged 99.0%, unchanged MoM and down -0.1 ppt YoY, remaining broadly consistent with seasonal expectations.
- Sales conversion declined -2.0 ppts MoM to 54.9%, signaling modest softening in dealer demand but still above the three-year seasonal average.
- EV values declined -3.0% MoM (+3.9% YoY) following the expiration of EV tax credits, while non-EV values fell -2.2% MoM (-0.1% YoY), showing greater volatility in the EV segment.
- Luxury vehicles continued to outperform other categories, supported by higher EV prices, while compact and mid-size cars saw the largest YoY declines.
- Cox Automotive noted that used retail sales strengthened later in the month, tightening inventories and potentially setting up for slower depreciation through the remainder of Q4.
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Wholesale used-vehicle prices declined -1.6% MoM on a seasonally adjusted basis in the first half of October, while rising +0.4% YoY, signaling faster-than-normal depreciation as late-September weakness extended into mid-month.
- The Manheim Used Vehicle Value Index (MUVVI) fell to 203.6, reflecting softer wholesale demand and a smaller-than-usual seasonal adjustment effect.
- On a non-adjusted basis, prices fell -3.4% MoM but were still +0.6% higher YoY, with October’s typical full-month decline averaging -1.5%.
- The Three-Year-Old Index dropped -1.2% MoM, steeper than the usual -0.7% decline for this point in October.
- MMR Retention averaged 98.9%, down -0.1 pt from late September and -0.1% YoY, suggesting vehicles sold slightly below modeled valuations.
- The daily sales conversion rate averaged 55.9%, down -1.5 pts from September but above last year’s 54.8%, showing moderate but softer dealer demand.
- Segment performance YoY: luxury +2.9%, SUVs -0.3%, trucks -1.6%, mid-size cars -3.3%, compact cars -5.0%. MoM, compact cars rose +1.6% while mid-size cars fell -2.3%.
- EV prices rose +3.5% YoY but dropped -3.4% MoM after the expiration of tax credits; non-EVs gained +0.3% YoY and fell -1.9% MoM.
- Wholesale supply stood at 27 days as of mid-October, up one day from September but two days lower than a year ago, indicating inventories remain tighter than typical for this period.
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Wholesale used-vehicle prices slipped -0.2% MoM in September 2025 on a seasonally adjusted basis, while rising +2.0% YoY, indicating values remain elevated relative to historical depreciation patterns. On a non-adjusted basis, prices edged up +0.1% MoM and +2.1% YoY.
- The Manheim Used Vehicle Value Index (MUVVI) fell to 207.0, as September’s adjusted decline reflected modest easing in wholesale demand late in the month despite stable Q3 retail activity.
- The Three-Year-Old Index dropped -1.6% MoM, slightly more than the 2014–2019 average (-1.5%) and steeper than last year’s -1.1% decline, signaling marginally faster-than-normal depreciation.
- MMR Retention averaged 99.0%, down -0.8% MoM and -0.3% YoY, meaning market prices fell further below modeled valuations.
- The daily sales conversion rate decreased -2.7 pts to 58.3%, still above the two-year September average (57%), suggesting steady demand relative to seasonal norms.
- By segment YoY: luxury +2.3%, SUVs +0.7%, trucks -0.3%, mid-size sedans -0.6%, compact cars -6.5%. MoM, only mid-size sedans gained (+0.2%) while compact cars fell -2.0%.
- EV values outperformed, rising +6.4% YoY and +0.8% MoM, marking a sixth straight month of relative strength amid pre-tax-incentive demand; non-EV values rose +1.0% YoY but fell -1.0% MoM.
- Cox Automotive noted that wholesale values “remain elevated against normal depreciation trends,” even as late-September softness reflected tighter dealer supply alignment.
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Wholesale used-vehicle prices were flat MoM but up 2.2% YoY in early September, with values holding stronger than typical seasonal trends and EV demand continuing to provide support.
- On a seasonally adjusted basis, the Manheim Used Vehicle Value Index edged up from 207.4 to 207.5, essentially unchanged MoM but +2.2% YoY.
- On a non-adjusted basis, prices rose 0.3% MoM and were +2.3% YoY, stronger than the average -0.3% September decline normally seen.
- The Manheim Market Report (MMR) Three-Year-Old Index fell -0.5% in the first two weeks, slightly less than the long-term average decline of -0.6%.
- MMR retention averaged 99.4%, -0.3 pts from late August but +0.1% YoY, showing prices moved a bit below valuation models.
- The average daily sales conversion rate was 60.3%, down 1 pt from late August but slightly above last year’s 59.9%.
- By segment YoY: luxury +2.1%, SUVs +0.9%, trucks +0.5%, mid-size cars +0.3%, compact cars -4.6%.
- EV prices rose +5.5% YoY vs +1.4% for non-EVs, highlighting continued strength ahead of expiring tax incentives; MoM, EV prices were flat while non-EVs declined -0.7%.
- Wholesale supply held steady at 25 days in mid-September, unchanged from August and -1 day YoY, indicating relatively tight inventory conditions.
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