The Manheim Used Vehicle Value Index (MUVVI) rose to 208.5 in June, up 6.3% year-over-year and 1.6% from May, signaling continued strength in the used-vehicle market despite volatility driven by tariffs. Seasonal trends and a tight off-lease supply supported wholesale values, even as non-adjusted prices declined 1.1% month-over-month. Cox Automotive forecasts used values to remain elevated through 2025, as more consumers shift toward used vehicles in response to higher new-vehicle prices and limited affordability.
Here’s why it matters:
As new-vehicle sales decline and tariffs continue to disrupt pricing, used operations are becoming more essential to profitability. Dealers must manage tighter wholesale inventory, maintain pricing discipline, and adapt sourcing strategies. Rising EV and luxury segment values offer new opportunities for margin growth, especially as consumer incentives shift and tax credits phase out. Understanding these market shifts is key to staying competitive in the second half of 2025.
Key takeaways:
- Index climbs despite tariff pressure
The Manheim Index rose 6.3% year-over-year and 1.6% month-over-month, highlighting continued strength in used values despite market disruption from tariffs. - EVs and luxury segments outperform
EV wholesale values surged 12.1% and luxury vehicles gained 8.8% year over year, reflecting renewed demand and broader product diversity in the used market. - Depreciation trends exceed normal
Weekly MMR values dropped each week in June, with a 1.3% four-week decline in the Three-Year-Old Index, more than double the typical seasonal depreciation. - Retail market steady with rising prices
Retail used sales fell 1.5% from May but rose 2% year over year. Average prices increased 0.3%, and days’ supply remained stable at 45. - 2025 outlook favors used market growth
Cox Automotive projects 20.1 million used-vehicle sales in 2025 and a 1.8% increase in wholesale values by year-end, driven by tight supply and concerns over affordability.
