Key Metrics
- Manheim Used Vehicle Value Index (MUVVI) fell to 207.4, reflecting a 1.2% decrease in wholesale used-vehicle prices (adjusted for mix, mileage, and seasonality) in the first 15 days of August compared to July. The Manheim index is now flat compared to August 2025, declining from the elevated values we saw in the first half of the year.
- Non-adjusted wholesale vehicle prices decreased 0.8% in the first half of August from July and are down 0.2% year over year. The long-term average monthly move in non-adjusted values is typically an increase of 0.1% for the full month of August.
Expert Perspective — Jonathan Gregory, Senior Director, Cox Automotive
“Wholesale values eased in the first half of August, with the Manheim Used Vehicle Value Index at 207.4, down 1.2% from July. That’s a bit more depreciation than the recent-year average for this month, but well within the normal historical range for August. It’s not an unusual print, just a normal part of late-summer slowdown after a strong spring bounce. Year over year, the index is essentially flat, but that’s largely a base effect. Last August was itself one of the stronger post-pandemic prints, so the comparison was always going to be the toughest of the year. Non-adjusted values are telling a similarly mild story, down 0.8% on the month and off just 0.2% versus a year ago.
Gas prices remain a factor worth watching. The national average was $4.06 a gallon as of Aug. 17, up from roughly $3.14 a year ago. Used EVs are still benefiting from that increase, with values up 5% year over year even as the pace of gains has cooled. That’s a normal glide path as off-lease EV supply, which we’ve been flagging all year, continues to build and gives buyers more choice. Non-EV values are roughly flat against last August, in line with typical seasonal patterns.
By segment, the affordability story continues. Compact Cars remain the strongest performer at plus 2.2% year over year, while the Luxury segment has narrowed to a more modest 0.7% gain after leading for much of the first half. Midsize Cars, SUVs and Pickups are softer, which is consistent with the same rotation toward value we’ve seen build through the year. None of this points to anything beyond the market’s usual late-summer rhythm.”
MMR Prices, Retention & Sales Conversion
- MMR prices for the Three-Year-Old Index were down 1% since the beginning of August, considerably weaker than last year’s trend, as tariff impacts supported higher wholesale values. Overall, MMR depreciation was elevated in the first half of August relative to the long-term average.
- MMR retention averaged 99.5% in the first half of August, lower by 0.3 points year over year and up 0.3 points from July.
- Sales conversion averaged 56.9% in the first half of August, lower by 4 points year over year and up 3 points from July.
Takeaway: MMR retention remains within seasonal norms, while sales conversion remains below long-term rates despite an uptick in early August.
Segment Performance: Year-Over-Year Price Changes
Prices in the overall market were flat year over year, as strength amongst Compact Cars and EVs was offset by relative weakness of Midsize Cars, Pickups and SUVs.
Takeaway: Compact Cars and EVs show gains against levels from last year against a backdrop of stubbornly elevated gas prices. Meanwhile, SUVs and Pickups have posted declines in wholesale prices against last year.
EV versus Non-EV Index
- EVs: The EV Index was up 5% year over year and down 4.2% from July.
- Non-EVs: The Non-EV Index was down 1.4% year over year and lower by 1.1% from July.
Takeaway: EV values declined notably from an elevated baseline, while Non-EV values fell slightly.
Wholesale Supply
- At the end of July, wholesale vehicle supply reached 28.3 days, up two days against July 2025 and up one day against the end of June. As of Aug. 15, days’ supply had fallen to 27.7 days and is higher by 2.6 days against last August.
Takeaway: Wholesale used-vehicle prices have softened in recent weeks, with EV values falling notably after seeing sustained appreciation in the first half of the year.
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 Sept. 8, 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.
