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.