Key Metrics
  • Manheim Used Vehicle Value Index (MUVVI) increased to 205.0, reflecting a 1.1 % increase in wholesale used-vehicle prices (adjusted for mix, mileage, and seasonality) in the first 15 days of November compared to October, but a 0.2% decline compared to November 2024. The long-term average move in seasonally adjusted wholesale values for the full month of November is a decrease of 0.6%.
  • Non-adjusted wholesale vehicle prices fell 0.5% in the first half of November from October and are down 0.2% year over year, a softening pace in recent months. The long-term average monthly move in non-adjusted values is a decline of 0.4% for the full month of November.

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

“Wholesale depreciation rates were elevated in October, burning off a bit of the higher valuation levels seen most of this year. In early November, we’ve observed more moderate trends, which was a glimmer of what we saw right at the last week of October. So far this month, our estimates for retail sales show a slightly higher pace of sales, a great piece of information given how little economic data is out there right now. Additionally, new and used loan rates are down about 30 basis points from October levels, helping consumers. We should start getting more economic data in the next week or so, assisting the Fed in efforts to see through the murky water a bit more clearly as they embark on their meeting in early December. Depreciation trends are known to level out in the last month of the year, and with increased tax refunds expected in spring, the market is likely to see early demand from dealers.”

MMR Prices, Retention & Sales Conversion
  • MMR prices for the Three-Year-Old Index declined 1.0% in the first 15 days of November.
  • MMR retention averaged 99.1% in the first half of November, up 0.1 points from October but lower by three-tenths of a point year over year.
  • Sales conversion averaged 56.5% in the first half of November, up 2.2 points from October and higher by more than a point year over year.

Takeaway: MMR prices declined less than the typical 1.2% rate of depreciation for this period, as inventory tightness still exists from the lower volume of lease maturities. MMR retention is a little muted against longer-term run rates, while sales conversion indicates demand is seasonally normal at Manheim.

Segment Performance: Year-Over-Year Price Changes

Prices in the overall market fell a moderate 0.2% year over year, buoyed by price growth in the luxury vehicle segment and electric vehicles.

Takeaway: The luxury vehicle segment continued to outperform the overall market and is influenced by the trend for EVs, while compact and mid-size cars saw the largest declines.

EV versus Non-EV Index
  • EVs: The Electric Vehicle (EV) Index was up 4.3% year over year, but only up 0.5% from October.
  • Non-EVs: The Non-EV Index was down 0.2% year over year, but up 1.2% from October.

Takeaway: EV values have moderated somewhat following the expiration of EV tax credits but remain strong year over year.

Wholesale Supply
  • At the end of October, wholesale vehicle supply reached 28 days, increasing from 26 days at the end of September and flat against October 2024. As of Nov. 15, days’ supply had fallen by one day to 27 days.

Takeaway: Wholesale used vehicle supply usually averages 30 days at this time of year. In mid-November, wholesale supply was below average, suggesting that inventory may be harder to find, especially as retail demand continues to remain elevated.

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 Dec. 5, 2025.

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.