Manheim Used Vehicle Value Index

Data Macro

Source: Manheim
Source Link: https://site.manheim.com/
Frequency: Semi-Monthly
Next Release(s): December 5th, 2025 9:00 AM

Latest Updates

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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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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