Manheim Used Vehicle Value Index

Data Macro

Source: Manheim
Source Link: https://site.manheim.com/
Frequency: Semi-Monthly
Next Release(s): September 17th, 2025 9:00 AM

Latest Updates

Wholesale used-vehicle prices were flat MoM (revised up from a -0.4% MoM drop in the mid-month reading) in August 2025, leaving the Manheim Used Vehicle Value Index (MUVVI) at 207.4, up +1.7% YoY with non-adjusted prices rising more than seasonally typical.
- On a non-adjusted basis, prices rose +1.0% MoM and +1.8% YoY, compared to an average August rise of just +0.1%.
- The Three-Year-Old Index showed no aggregate change over five weeks, versus an average -0.6% decline seen between 2014–2019, indicating muted depreciation.
- The daily sales conversion rate rose to 61.9%, nearly +6 ppts higher than July and above the 3-year August average of 56.4%.
- By segment YoY, luxury vehicles rose +2.3% and SUVs +1.3%, while trucks (-0.3%), mid-size sedans (-2.0%), and compact cars (-3.5%) declined.
- Compared to July, compact cars (+1.2%) and mid-size sedans (+0.7%) gained, while pickups (-0.4%) and luxury (-0.8%) slipped.
- EV wholesale values rose +4.6% YoY and +0.8% MoM, outpacing non-EVs (+1.4% YoY, +0.7% MoM), continuing five straight months of stronger relative performance.
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Wholesale used-vehicle prices fell -0.4% MoM on a seasonally adjusted basis in the first half of August, bringing the Manheim Used Vehicle Value Index to 206.5, though values remained up 1.2% YoY, reflecting a tougher comparison to last year’s strong gains.
- On a non-adjusted basis, prices were up 0.6% MoM and 1.3% YoY, indicating stronger-than-normal appreciation for this point in the month.
- MMR retention averaged 99.8%, up 0.6 pts from late July, showing market prices moving closer to valuation models; the sales conversion rate rose to 61.8%, over 5 pts higher than late July.
- Segment results were mixed YoY: luxury prices rose 1.8% YoY, SUVs +0.9%, while trucks fell -0.6%, mid-size cars -2.0%, and compact cars -3.8%.
- Compared with July, EV prices increased 0.5% MoM (vs +0.3% for non-EVs) and were up 4.2% YoY, supported by strong demand ahead of expiring tax incentives.
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Wholesale used-vehicle prices fell -0.5% MoM (revised up from the mid-month drop of -0.7% MoM) in July 2025, bringing the Manheim Used Vehicle Value Index to 207.4. Despite the decline, prices were still up +2.9% YoY (vs mid-month change of 2.6% YoY).
- Non-adjusted prices dropped -1.4% MoM but rose +3.0% YoY, with depreciation milder than typical for July.
- The Three-Year-Old Index fell -0.3% MoM, compared to the 2014–2019 average of -0.6%.
- EV prices rose +8.3% YoY vs +2.4% YoY for non-EVs; MoM, EVs fell -0.7%, while non-EVs rose +0.1%.
- The luxury segment led YoY gains at +6.8%; compact cars lagged at -4.4% YoY.
- Daily sales conversion rate rose to 56.9%, above the 3-year July average of 51.6%.
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Wholesale used-vehicle prices fell -0.7% MoM in the first half of July, bringing the Manheim Used Vehicle Value Index to 206.9, On an annual basis, prices are still up 2.6% YoY.
- Non-adjusted prices dropped -1.6% MoM but rose 2.8% YoY, with depreciation running stronger than typical for July.
- Three-year-old MMR prices declined -0.3%, slightly better than the typical -0.5% seasonal drop.
- MMR retention averaged 98.7%, down 0.5 pts from late June and 0.8 pts YoY; sales conversion rate dropped to 54.9% from 57.8% in June.
- Luxury prices led YoY gains at +5.6%, while compact cars lagged at -4.0% YoY; MoM, trucks were up 0.5%, but luxury fell -1.4%.
- EV prices rose 6.8% YoY vs 2.3% for non-EVs, but dropped -2.1% MoM, while non-EVs were flat.
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Wholesale used-vehicle prices rose 1.6% MoM in June, slightly below the mid-month estimate of 1.7% MoM, with the Manheim Used Vehicle Value Index reaching 208.5, up 6.3% YoY (vs 6.5% YoY mid-month estimate).
- Non-adjusted prices declined -1.1% MoM but remained up 5.1% YoY, showing stronger-than-usual depreciation for June.
- EV values jumped 12.1% YoY and 1.5% MoM, continuing to outpace non-EVs, which rose 5.6% YoY and 1.4% MoM.
- Compact cars were the only segment to decline YoY (-0.1%), while luxury vehicles led gains at +8.8% YoY and +1.2% MoM.
- The average daily sales conversion rate rose to 57.8%, up over 1 ppt MoM and well above the 3-year June average of 53.1%.
- MMR values fell each week of June, with the 3-year-old index down -1.3% over the month, driven by volatility from Q2 tariff impacts.
- Mannheim: “Wholesale appreciation trends have been more volatile over Q2 as tariffs really impacted new sales and supply, which impacted the used marketplace as well. The Manheim index has generally been rising since last June, and we typically see the strongest changes for the year in the second quarter as the ‘spring bounce’ comes to an end. As we move through the second half of 2025, it’s likely that some of the reported strength in the market tapers, as the year-over-year comparisons are tougher in the back half of the year. Even so, retail sales continue to run a bit hotter than prior years, and off-lease supply into the market is still on a downward path, two factors which should be fairly supportive of higher values as we move onward.”
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Wholesale used-vehicle prices rose 1.7% MoM (seasonally adjusted) in the first half of June, with the Manheim Used Vehicle Value Index reaching 208.7, up 6.5% YoY.
- Non-adjusted prices fell -0.7% MoM but remained 5.6% higher YoY, showing slightly stronger-than-usual depreciation for June.
- MMR prices for 3-year-old vehicles declined -0.4%, in line with seasonal norms; MMR retention averaged 99.2%, up 0.1 ppt from late May.
- All major vehicle segments posted YoY gains, led by luxury (+8.8%), with compact cars up just 0.3%. EV prices were up 11.1% YoY while non-EV prices were up a weaker 6.2% YoY.
- MoM, trucks rose 2.1%, compact cars and SUVs increased 1.5%, and EVs climbed 0.7%, while non-EVs rose 2.0%.
- The sales conversion rate averaged 58.4%, 2 pts higher YoY, signaling healthy demand in the wholesale market.
- Cox: “While the wholesale market experienced some volatility in April and May, trends have started to calm down and are looking more normal early in June. In the first two weeks of June, we’ve seen fairly normal depreciation trends on a weekly basis, as used retail sales remain steady. With heightened activity in April and May, the seasonal adjustments to the index were a bit stronger. Now that they are starting to wane, this has caused the overall index to rise so far in June. Wholesale supply continues to be relatively tight, and we’ve seen healthy sales conversion in recent weeks, suggesting market demand will be steady as we move into summer.”
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Wholesale used vehicle prices fell -1.4% MoM in May (seasonally adjusted) but were still up 4.0% YoY, with the Manheim Used Vehicle Value Index slipping to 205.2.
- Non-adjusted prices fell -1.5% MoM but remained 4.0% higher YoY.
- The Three-Year-Old Index declined -1.4% over the month, slightly below the pre-pandemic average.
- EV prices fell -0.9% MoM but rose 3.1% YoY; non-EVs dropped -1.8% MoM but were up 3.8% YoY.
- Segment-wise, compact cars were the weakest (-2.3% MoM, -1.5% YoY), while luxury vehicles led YoY gains (+6.5%).
- Sales conversion rate declined to 57.4%, down over 5 ppts MoM but still above the 3-year average.
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Wholesale used vehicle prices fell -1.1% MoM (not-seasonally adjusted) and were up 4.4% YoY in the first two weeks of May.
- The non-adjusted price change in the first half of April was a decline of -1.1% MoM while the annual increase was 4.3% YoY.
- The average move for the full month of May is a decline of -0.3 percentage points on non-adjusted values, indicating that the depreciation observed so far in May is stronger than usual, following very strong appreciation trends in April.
- Over the last two weeks, the Manheim Market Report (MMR) prices in the Three-Year-Old Index decreased by an aggregate of -0.6% MoM, actually showing less depreciation than normal and not falling as much as the overall index.
- Over the first 15 days of May, MMR Retention, the average difference in price relative to the current MMR, averaged 99.1%, indicating that market prices have moved slightly lower than valuation models early in May.
- Most major market segments saw positive results for seasonally adjusted prices year over year in the first half of May.
- Compared to the industry’s year-over-year increase of 4.4%, the luxury segment performed best, rising by 6.6%, and SUVs were higher by 5.5%. Rising less than the industry, mid-size cars were higher by 2.3%, and trucks were up 0.5%. The compact car segment was the only group to decline in the month, falling 1.2% against last year.
- All segments were lower compared with the results at the end of April. The overall industry decreased 1.1% against the prior month, and mid-size cars performed better, only down 0.5%, while luxury was down 0.7% and SUVs fell by 1.0%. The truck segment fell more than the industry, declining 1.7% against April, while compact cars were down 1.9%.
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Wholesale used vehicle prices increased 2.7% MoM and 4.9% YoY in April, up from the early April estimate of 2.2% MoM and 4.3% YoY.
- The Manheim Used Vehicle Value Index increased to 208.2, its highest since October 2023.
- Non-adjusted prices rose 3.3% MoM and 4.3% YoY, with gains driven by the April tariff announcement.
- The Three-Year-Old Index rose 2.6% MoM vs. an average -0.8% over the same period (2014–2019).
- EV prices rose 2.2% MoM and 1.6% YoY, the first YoY gain since March 2023, while non-EVs increased 2.5% MoM and 4.7% YoY.
- Segment-wise, SUVs (+2.4% MoM), trucks (+2.1% MoM), and luxury (+1.5% MoM) saw strong gains; compact cars lagged (+0.8% MoM, -1.5% YoY).
- Sales conversion rate was 63.7% in April, down MoM but above the 3-year average of 58.6% for April.
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Wholesale used vehicle prices jumped 2.2% MoM and 4.3% YoY in the first two weeks of April.
- The non-adjusted price change in the first half of April was 2.7% MoM, and the unadjusted price is higher by 3.7% YoY.
- The average move for the full month of April is an increase of 1.3 ppts on non-adjusted values, indicating the appreciation observed so far in April is quite a bit higher than normal, influenced by the impact of tariffs on new vehicles.
- Over the last two weeks, the Three-Year-Old Index increased by an aggregate of 2.5% YoY, demonstrating much stronger appreciation trends than normal, which would be a rise of 0.2% on the long-term average
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Wholesale used vehicle prices were down -0.7% MoM and -0.2% YoY in March, below the mid-month snapshot of -1.6% MoM and -1.1% YoY declines.
- The non-adjusted index was a gain of 2.7% MoM and 0.4% YoY.
- The Three-Year Old Index increased 1.2% MoM, muted compared to the typical March increase.
- Mannheim: “March is typically the strongest month for wholesale markets, so it’s normal to see values rise. However, this year’s price increases were not enough to meet seasonal expectations.”
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Wholesale used vehicle prices fell -1.6% MoM and -1.1% YoY through the first two weeks of March.
- The non-adjusted use vehicle price was up 1.7% MoM and down -0.5% YoY.
- The average move for the month of March is an increase of more than 3 points on non-adjusted values, indicating the appreciation observed so far in March is lower than typically seen.
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