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.