Wholesale used-vehicle prices jump 2.1% after strongest spring in years

On the Dash:

• Wholesale used-vehicle prices rose 2.1% year over year in June, easing slightly from May’s pace.
• Used EV prices jumped 12% year over year, far outpacing the broader wholesale market. 
• Wholesale days’ supply rose to 26.9 days in June, up 1.3 days year over year.

Wholesale used-vehicle prices climbed 2.1% year over year in June, driven in part by strong used-EV sales, according to Cox Automotive. The Manheim Used Vehicle Value Index (MUVVI) rose to 212.9 in June, up 0.1% from May.

The reading marks a step down from mid-June, when the index stood at 213.9, up 2.6% year over year, as the full-month figure settled closer to seasonal norms.

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The first half of the year was defined by a strong spring selling season, fueled by tax refund activity, that pushed wholesale values to their highest levels in several years. Since peaking in March, the market has gradually normalized, leaving wholesale values roughly 1% below spring highs but still above year-ago levels. 

The softer June gain reflects tougher comparisons against last summer rather than a meaningful shift in market conditions, with dealer demand still running above historical norms and wholesale supply within seasonal ranges. Specifically, prices for three-year-old vehicles fell 1.9% in June. Even so, cars sold for 99.4% of their expected value on average, meaning sellers got nearly the full benchmark price. That’s up slightly from a year ago.

Used EVs continue to outperform 

Used EVs remained the strongest segment, with the index increasing 12% year over year and 1.7% month over month. That’s compared with a 1.7% year-over-year and 0.2% month-over-month increase for the Non-EV Index. However, EVs still account for less than 4% of total sales volume.

According to the MUVI, sales conversion measured 57.5% in June, 2.6 percentage points above the recent three-year average for the month. Wholesale days’ supply rose to 26.9 days, up 1.3 days year over year and slightly higher than May.

On the retail side, average used-vehicle listing prices have recently climbed back toward $27,000, while prices for many late-model vehicles are at their highest levels in several years. 

Analysts say higher new-vehicle prices are pushing more traditional new-vehicle shoppers into the used market, helping sustain demand, even as rising costs limit participation among lower-income consumers.