Key Metrics
- The Manheim Used Vehicle Value Index (MUVVI) in August was 208.2, reflecting a 0.4% increase for wholesale used-vehicle prices (adjusted for mix, mileage, and seasonality) compared to August 2025. The index is down 0.9% month over month. The long-term average monthly move for August is an increase of 0.5%.
- Non-adjusted wholesale vehicle prices are now up 0.2% year over year, and down 0.5% against July 2026. The long-term average monthly move in non-adjusted values for August is an increase of 0.1%.
Expert Perspective — Jeremy Robb, Chief Economist, Cox Automotive
“Overall depreciation trends had been stronger in July and early August, but those rates of decline decelerated in the latter part of the month. We have observed overall lower depreciation levels so far this year, although the index gave back some of the outperformance over the summer.
The story driving the stronger depreciation trends is nuanced, as we’ve observed younger age cohorts that have fallen more. On the other hand, older and more affordable units have shown much less depreciation, with both the 9-year-old and 10-year-old cohorts holding six percentage points higher than the long-term average. These older vehicles are less expensive, and those trends highlight the increasing demand for affordable used products.
Used retail sales have been picking up throughout August, another sign of steady and resilient demand. As the average age of a vehicle on the road continues to hit all-time highs, more consumers face larger maintenance and repair bills. Those higher-cost repairs support consistent consumer demand, at least at the margin, which partially drives the consistency of used retail sales. On the back of rising sales, we see retail days’ supply has fallen to 44 days at the end of August, down two days from the end of July. Stronger demand and tightening supply keep dealers coming to Manheim to source product, and we saw that in wholesale valuation trends in the last weeks of August.”
Prices, Retention & Sales Conversion
- MMR prices for the Three-Year-Old Index decreased 1.8% in August.
- MMR retention averaged 99.5%, down 0.3 percentage points year over year and up 0.3 percentage points from July.
- Sales conversion was 57.2% for the period, 2.8 percentage points lower than the most recent three-year average for August but up 3.5 percentage points from the July rate.
Takeaway: MMR prices for the Three-Year-Old Index decreased more than the typical depreciation of 0.6% for this period. MMR retention increased less than usual in the month of August. Meanwhile, sales conversion indicates demand is rebounding from July but remains lower than usual for this time of year.
Segment Performance: Year-Over-Year Price Changes
Overall market prices were up slightly from a year ago, led by resilience among EVs and Compact Cars, while Pickups and SUVs continue to trend down.
Takeaway: EVs continue to show relative strength despite values declining over the past two months.
EV versus Non-EV Index
- EVs: The Electric Vehicle (EV) Index was up 4.5% year over year and down 4.7% from July.
- Non-EVs: The Non-EV Index was down 0.9% year over year and down 0.6% from July.
Takeaway: Both EV and Non-EV declined in the past month, with Non-EV falling below year-ago levels, while EVs remain up against last year despite recent declines.
Wholesale Supply & Rental Prices
- Wholesale supply: At the end of August, wholesale days’ supply was 27, up 2.3 days year over year and down 1.4 days from July.
- Rental prices: Prices for rental vehicles were 3.4% higher year over year in August, down by 0.3% from July. Rental values on a non-seasonally adjusted basis are 4.4% above 2025’s level and increased 1.4% from July, consistent with lower average mileage, down 10.4% against last August.
Takeaway: Days’ supply in August was elevated against last year but remains within seasonal norms.
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 next complete suite of monthly MUVVI data will be released on Oct. 7, 2026.
Cox Automotive is transitioning the quarterly Manheim Used Vehicle Value Index Call from a scheduled live event to a prerecorded, on-demand content release. The Q3 2026 MUVVI Update and its supporting materials are scheduled for general release on Wednesday, Oct. 7, at 9 a.m. EDT. Sign up to be notified.
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, 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.
