On the Dash:
- MUVVI rises to 213.1 in mid-May, up 3.8% from last year and 0.5% from April.
- Used EV prices surged 11.4% year over year, leading all vehicle segments.
- Affordability concerns are steering buyers toward older, lower-priced used vehicles.
Wholesale used-vehicle prices continued to rise in mid-May, with the Manheim Used Vehicle Value Index (MUVVI) reaching 213.1. That’s up 3.8% from a year ago and 0.5% from April on a seasonally adjusted basis. Prices have risen every month in 2026, and the index is now holding near its highest level since the post-pandemic surge in 2022.
Analysts say a stronger-than-expected tax refund season helped boost spring sales overall.
Price gains were broad-based across segments, with used EVs seeing the greatest gains. The Manheim EV Index reached 211.7 at mid-May, up 11.4% compared to a year ago and up 3.1% from April. Three-year-old EV prices are up 11% since January, outpacing non-EVs for six straight weeks. Rising gas prices, which have held at $4.50 or higher nationwide since May 6, are driving much of that demand.
Compact cars posted the second-strongest gain at 7.6%. Pickups rose 2.6%, midsize cars 2.5%, and luxury vehicles 2.1%. SUV and CUV prices were nearly flat, up just 0.3% year over year.
Affordability concerns are pushing more buyers to the used-vehicle market as new-vehicle prices hover just under $50,000. Some of the strongest performing segments are older, lower-priced vehicles over 8 years old. Meanwhile, wholesale supply reached 26 days as of May 15, up about 1 day from a year ago, giving dealers more options to source that inventory.
Sales conversion rates also climbed year over year. Conversion averaged 61.3% in the first half of May, up 4.8 percentage points from a year ago, but down 1.8 points from April. Manheim Market Report retention, a measure of how close vehicles are selling to their benchmark values, averaged 99.7%, in line with historical norms and up 0.6 points year over year. Together, the figures suggest demand for used vehicles remains strong despite a modest seasonal slowdown.
Looking ahead, inflation and sustained gas prices are the key risks heading into early summer. EV prices are worth watching as more come off lease this summer. The added supply could put downward pressure on wholesale EV prices.
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 full MUVVI update is expected on Friday, June 5.
