On the Dash:
- Wholesale used vehicle prices dipped in April but remain above year-ago levels overall.
- Used EV prices surged 7.2% year over year, amid rising gas prices.
- Prices for used SUVs and midsize cars fell, while compact cars and pick-up prices stayed flat year over year.
Wholesale used-vehicle prices fell slightly in April. The Manheim Used Vehicle Value Index (MUVVI) fell 1.6% to 211.9 from March, but overall adjusted prices remain 1.8% higher than this time last year. Analysts say rising gas prices and affordability concerns are cooling the market overall, while simultaneously boosting sales of used electric vehicles.
The numbers are mixed when you break them down by segment, which could impact how dealers decide to stock their showrooms.
Used electric vehicle prices saw the greatest gains. The MUVVI index for EVs rose 7.2% compared to April 2025 and up 1.4% from last month. More customers are showing interest in used EVs as they shop for more fuel-efficient vehicles amid rising gas prices. The expiration of the $7,500 federal tax credit for new EVs could also be prompting more EV buyers to head to the used lot.
The EV price increase could be short-lived, analysts say. Off-lease EVs are expected to keep flowing into the market in larger numbers over the coming months. That added volume could put downward pressure on EV valuations.
Luxury cars are seeing year-to-year gains. Wholesale prices in that segment are up 1.7% from April 2025. But that number could be partly influenced by rising EV prices since many luxury vehicles are electric or hybrid.
On the other hand, prices of used SUVs and midsize cars are down compared to April of last year. The SUV segment took the biggest hit, with the MUVVI index down 0.7% year over year. Midsize car prices are down 0.6%. Prices for compact cars and pick-up trucks remained unchanged from last year.
Sales conversion came in at 63.7% for the month. That is above the three-year April average, which points to solid underlying demand. But it was down from March, a sign that some buyers are holding off on car purchases.
The Manheim Used Vehicle Value Index is the auto industry’s benchmark for tracking wholesale used-vehicle prices across the U.S. It is published on the 5th business day of each month by Cox Automotive. The next MUVVI update is expected on Friday, June 6.
