Key Metrics
  • The Manheim Used Vehicle Value Index (MUVVI) increased to 209.2, reflecting a 1.8% increase in wholesale used-vehicle prices (adjusted for mix, mileage, and seasonality) in the first 15 days of January compared to December, and a 1.7% increase compared to January 2025. Seasonally adjusted wholesale values typically decrease by about 0.2% on average over the full month.
  • Non-adjusted wholesale vehicle prices increased 2.1% in the first half of January from December and are up 1.9% year over year. The long-term average monthly move in non-adjusted values is typically an increase of 0.4% for the full month of January.

Expert Perspective — Jeremy Robb, Interim Chief Economist, Cox Automotive

“With expectations of a strong tax refund season this year, we anticipated seeing early strength in wholesale values to start 2026. Used retail sales are showing encouraging signs in the first two weeks of January, with consumers beginning to respond even as retail prices remain elevated. While tax returns cannot be filed until Jan. 26, many dealers are predicting stronger consumer demand and have come to Manheim to gather inventory for spring selling. We’ve seen improved sales conversion rates to start the year as well. As a result, wholesale prices are up significantly compared to what we normally observe two weeks into a new year. With auto loan rates providing some relief, many consumers who have delayed replacing their vehicles may now enter the market, which should support positive trends for automotive through the spring season.”

MMR Prices, Retention & Sales Conversion
  • MMR prices for the Three-Year-Old Index increased 0.6% over the start of January, a stronger start than we observed last year and against the long-term average.
  • MMR retention averaged 100.2% in the first half of January, higher by 0.4 points year over year and up 0.6 points from December.
  • Sales conversion averaged 61.9% in the first half of January, higher by 3.6 points year over year and up 7.7 points from December.

Takeaway: MMR depreciation rates were somewhat lower than long-term rates early in January. MMR retention and sales conversion are both above their longer-term run rates, indicating that demand remains seasonally strong at Manheim.

Segment Performance: Year-Over-Year Price Changes

Prices in the overall market rose 1.7% year over year, supported by price growth in the luxury vehicle segment.

Takeaway: The luxury vehicle segment continues to see strong performance, while SUVs and compact cars saw the largest declines.

EV versus Non-EV Index
  • EVs: The Electric Vehicle (EV) Index was up 0.1% year over year but was down 0.2% from December.
  • Non-EVs: The Non-EV Index was up 1.6% year over year, and it is up 1.6% from December.

Takeaway: EV values further softened following the expiration of EV tax credits and are now up marginally year over year.

Wholesale Supply
  • At the end of December, wholesale vehicle supply reached 32 days, up 1.1 days against December 2024 and increasing from 30.6 days at the end of November. As of Jan. 15, days’ supply remains flat at 32 days.

Takeaway: Wholesale used-vehicle supply has kept pace with sales through the first half of January, following a steady increase in December.

Download the Data

View historical MUVVI reports here.

For more information on Manheim, visit Manheim.com. 

The Manheim Used Vehicle Value Index (MUVVI) is a trusted benchmark for tracking wholesale used-vehicle prices in the U.S., which helps dealers and analysts gauge market shifts and anticipate retail trends. The official measure is reported on the fifth business day of each month. The mid-month MUVVI number is a checkpoint number, is not an official reading and should not be compared to the official index reading. The mid-month is not a flash estimate, and it is not meant to provide any directional estimate of what the full month number will be. The next complete suite of monthly MUVVI data will be released on Friday, Feb. 6, 2026.

For questions or to request data, please email manheim.data@coxautoinc.com. If you want updates about the Manheim Used Vehicle Value Index, as well as direct invitations to the quarterly call sent to you, please sign up for our Cox Automotive newsletter and select Manheim Used Vehicle Value Index quarterly calls.

Note: The Manheim Used Vehicle Value Index was adjusted to improve accuracy and consistency across the data set as of the January 2023 data release. The starting point for the MUVVI was adjusted from January 1995 to January 1997. The index was then recalculated with January 1997 = 100, whereas prior reports had 1995 as the baseline of 100. All monthly and yearly percent changes since January 2015 are identical. Learn more about the decision to rebase the index.