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.