On the Dash:
- The Manheim index rose 0.6% to 213.9 in the first half of June.
- The EV Index climbed 13.7% year over year, far outpacing the 2.1% Non-EV gain.
- Compact cars led traditional segments at 5.9% year over year as affordability steered demand.
Wholesale used-vehicle prices rose in the first half of June, with used EVs leading the way. The Manheim Used Vehicle Value Index (MUVVI) reached 213.9 for the first 15 days of June, up 0.6% from May on a seasonally adjusted basis and up 2.6% from a year ago. The typical full-month move for June is a 0.5% increase, putting early results slightly ahead of the seasonal norm.
Non-adjusted wholesale prices fell 0.8% against May and are up 3.4% year over year, in line with normal June depreciation.
EVs remained the strongest segment by a wide margin. The Manheim EV Index rose 13.7% year over year and 3.2% from May, while the Non-EV Index was up 2.1% year over year and 0.6% month over month. Gas prices holding above $4.00 a gallon in mid-June continue to steer buyers toward fuel-efficient used vehicles.
Compact cars led the traditional segments, rising 5.9% year over year and outpacing the overall market. SUVs posted the largest month-over-month gains but were up just 0.1% from a year ago. Midsize sedans and trucks slipped compared to May.
Sales conversion averaged 59.4% in the first half of June, up 3.7 points from a year ago, while MMR retention held at 99.6%. Wholesale days’ supply rose to 27 as of June 15, about one day higher than last year.
“Manheim values continue their normal pattern of declining at this time of year, though prices are falling from elevated levels from stronger spring appreciation,” said Jeremy Robb, Chief Economist at Cox Automotive, in the report.
Robb pointed to off-lease maturities and a rising share of off-lease EVs as factors likely to shape the index through year-end.
The MUVVI is the auto industry’s benchmark for tracking wholesale used-vehicle prices across the U.S. The next full MUVVI update is expected on Wednesday, July 8.
