On the Dash:
- U.S. wholesale used vehicle prices rose 1.1% in early November, remaining slightly below last year.
- EV and luxury vehicle values outperformed, while compact and mid-size cars experienced the largest declines.
- Inventory remains tight at 27 days’ supply, below the typical 30-day average, supporting dealer demand.
Wholesale used vehicle prices in the U.S. saw a modest uptick in mid-November, according to the Manheim Used Vehicle Value Index. The MUVVI reached 205.0, a 1.1% increase from October, though it remains 0.2% below November 2024 levels. Non-adjusted wholesale prices fell 0.5% from October and were down 0.2% year over year. Historically, November prices typically decline 0.6% seasonally.
Early November trends indicate a softening of elevated depreciation rates observed in October, as wholesale values moderate after higher valuations earlier in 2025. Lower loan rates for new and used vehicles, down roughly 30 basis points from October, are supporting consumer activity. Dealers are expected to see stronger early demand in the months ahead, boosted by anticipated tax refunds in spring.
Manheim Market Report (MMR) metrics show mixed performance across vehicle age and type. Three-year-old vehicles declined 1.0% in price in the first half of November. Retention averaged 99.1%, slightly higher than October but lower than last year. Sales conversion rose to 56.5%, up 2.2 points from October, reflecting seasonally normal demand. Depreciation for this period was slightly below the typical 1.2% rate, supported by tight inventory from fewer lease maturities.
Segment performance highlights continued strength in luxury and electric vehicles. The overall market fell 0.2% year over year, while the EV Index increased 4.3% and the Non-EV Index fell 0.2%. Month-to-month, EVs were up 0.5% and non-EVs rose 1.2%. Compact and mid-size vehicles saw the largest declines, while luxury and EVs drove price growth.
Wholesale supply remained tight. At the end of October, inventory was 28 days, up slightly from September but flat year over year. By mid-November, supply dropped to 27 days, below the typical 30-day average. This suggests vehicles may be harder to find as retail demand remains elevated.
The data signals a stable used-vehicle market as the year closes, with moderate price gains, tight inventory, and continued strength in EVs and luxury segments shaping dealer strategies.
