Key Metrics
- Manheim Used Vehicle Value Index (MUVVI) decreased to 213.0, reflecting a 1.1% decrease in wholesale used-vehicle prices (adjusted for mix, mileage, and seasonality) in the first 15 days of April compared to March, and a 2.3% increase compared to April 2025. Seasonally adjusted wholesale values typically increase by about 0.7% on average over the full month.
- Non-adjusted wholesale vehicle prices increased 0.9% in the first half of April from March and are up 3.3% year over year. The long-term average monthly move in non-adjusted values is typically an increase of 1.3% for the full month of April.
Expert Perspective — Jeremy Robb, Chief Economist, Cox Automotive
“The spring bounce can shift from year to year depending on where dealers’ inventory levels are at the start of the year and the strength of tax refund season. We started 2026 off hot in the wholesale market, with our MMR retention index increasing every single week during Q1 and ending the quarter much stronger than normal. As we enter April, wholesale prices are still rising but at much more normal levels relative to long term averages.
Seasonal factors added some volatility, but any way you cut it, the market has been strong this year. Combined, March and April, seasonally adjusted MUVVI values are up 4.5% against last year, well above what we’d normally expect for this time of year, and the month isn’t over yet.
Meanwhile, gas prices remain above $4 per gallon and used EV values show higher appreciation than non-EV values. It’s going to be an interesting year observing the valuations and sales pace of used EVs as the market sniffs out consumer demand elasticity with the fluctuations in gas prices.”
MMR Prices, Retention & Sales Conversion
- MMR prices for the Three-Year-Old Index were flat over the start of April, much weaker than last year, when tariff impacts were driving wholesale values higher. Overall, MMR movement in the first half of April was slightly below the long-term average.
- MMR retention averaged 99.9% in the first half of April, lower by 0.3 points year over year and down 0.5 points from March.
- Sales conversion averaged 65.0% in the first half of April, higher by 2.4 points year over year but down 2.4 points from March.
Takeaway: Seasonal MMR appreciation looks like it is coming to an end, causing slightly elevated depreciation rates in early April. MMR retention is in-line with historical norms, and sales conversion remains well above the longer-term run rate, indicating that demand remains strong at Manheim.
Segment Performance: Year-Over-Year Price Changes
Prices in the overall market rose 2.3% year over year, supported by price growth across most major segments and the continued strength of the luxury segment.
Takeaway: This month saw moderate year-over-year increases across most major segments, with luxury and EVs leading the way with strong price growth, while SUVs fell slightly.
EV versus Non-EV Index
- EVs: The Electric Vehicle (EV) Index was up 6.2% year over year and up 0.5% from March.
- Non-EVs: The Non-EV Index was up 1.7% year over year, and it is up 1.6% from March.
Takeaway: EV and non-EV values have both shown appreciation trends through the first quarter of the year, with EVs maintaining strength in recent weeks.
Wholesale Supply
- At the end of March, wholesale vehicle supply reached 25 days, up against March 2025 but down two days against the end of February. As of April 15, days’ supply held steady at 25 days.
Takeaway: Wholesale used-vehicle sales kept pace with supply through the first half of April, following a tightening in March.
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 Tuesday, May 7, 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.
