On the Dash:
- The Manheim Used Vehicle Value Index reached 206.8 in October, up 2% year over year and 0.5% from September.
- EV wholesale values remained significantly stronger than non-EVs, rising 6.6% year over year despite a 0.9% monthly decline.
- Used retail days’ supply was just under 50 days, near the long-term average, while wholesale supply stood at 28.1 days.
Cox Automotive recently reported that its Manheim Used Vehicle Value Index (MUVVI) reached 206.8 in October, a 2% increase from a year earlier in wholesale used-vehicle prices adjusted for mix, mileage and seasonality. The index rose 0.5% from September, compared with a long-term average October gain of 0.3%.
While non-adjusted wholesale prices rose 0.3% from a year earlier but fell 2.3% from September, the long-term average October decline is 1.5%. Cox Automotive Chief Economist Jeremy Robb said depreciation trends at Manheim generally matched long-term averages after declines accelerated over the summer and early fall. According to Robb, depreciation then slowed toward the end of October to a fairly normal seasonal pace.
Robb also noted that the year-over-year comparison reflects a weak October 2025. Since the EV tax credit ended in September 2025, used EV values then fell 3% in October while non-EV values dropped more than 2%. However, both categories fell again this October on a non-seasonally adjusted basis, but by much less than a year ago.
Notably, the EV Index rose 6.6% year over year but slipped 0.9% from September, while the Non-EV Index gained 1.1% from a year earlier and 0.4% from September. According to Robb, elevated gas prices have helped EV values stay much higher than non-EV values year over year, even as off-lease supply increased. Robb said that same trend pushed light-duty truck values down 4.3% year over year on a non-seasonally adjusted basis, compared with a 0.3% increase across the wholesale market. Cox Automotive’s segment data showed compact cars and EVs holding relative strength, while luxury vehicles, pickups and SUVs continued to trend downward.
Robb noted that used retail days’ supply was just under 50 days, almost exactly the long-term average for the same week of the year, though inventory remained tighter than a year earlier. Wholesale days’ supply ended October at 28.1 days, up 0.1 days year over year and down 0.7 days from September. Robb said colder weather and longer nights typically slow vehicle sales, so the industry must watch consumers heading into the holidays.
Nevertheless, the Manheim Market Report (MMR) price for the Three-Year-Old Index fell 2.8% in October, less than the typical 3.1% depreciation for the month. MMR retention averaged 99%, flat from a year earlier and down 0.3 percentage points from September, a smaller decline than usual for October. Sales conversion reached 54.2%, down 0.2 percentage points from September and 0.1 percentage point below the most recent three-year October average.
