ATLANTA, July 8, 2026 – Wholesale used-vehicle prices (on a mix-, mileage- and seasonally adjusted basis) were higher year over year in June as the used-vehicle market closed the first half of 2026 with healthy demand and stable pricing conditions. The Manheim Used Vehicle Value Index (MUVVI) rose to 212.9 in June, an increase of 2.1% from a year ago and 0.1% from May.

The first half of the year was defined by a strong spring selling season fueled by tax-refund activity that pushed wholesale values to their highest levels in several years. Since peaking in March, the market has gradually normalized, leaving wholesale values roughly 1% below spring highs but still above year-ago levels.

“The first half of the year is officially in the books, and wholesale values finished on solid footing,” said Jonathan Gregory, senior director at Cox Automotive, parent company of Manheim. “We shouldn’t read too much into the softer gains in June. Much of the slowdown reflects tougher comparisons against last summer rather than a meaningful change in market conditions at the end of the first half. The bigger picture remains one of balance. Dealer demand at Manheim is still running above historical norms, wholesale supply remains within seasonal ranges, and the market has settled into a much more normal pattern following an unusually strong spring.”

Wholesale Demand Remains Healthy Despite Seasonal Cooling

Wholesale pricing eased modestly in June but remained relatively firm for this time of year. Manheim Market Report (MMR) prices for the Three-Year-Old Index declined 1.9% during the month of June, while MMR retention averaged 99.4%, up 0.2 percentage points from a year ago.

Dealer demand also remained strong as the first half ended. Sales conversion measured 57.5% in June, 2.6 percentage points above the recent three-year average for the month, even after easing from elevated spring levels. Wholesale days’ supply finished June at 27 days, slightly higher than a year ago but still within seasonal boundaries.

The June results reinforce a broader trend emerging in the wholesale market: Conditions are normalizing following a strong spring, fueled in part by strong tax refunds. According to Cox Automotive analysts, depreciation has returned to more typical levels and wholesale pricing trends remain aligned with long-term averages.

Higher Used-Vehicle Prices Continue to Shape Retail Market Dynamics

Retail used-vehicle demand remained relatively stable through the first half of 2026, even as prices moved higher across much of the market. Strong wholesale performance in the spring has flowed through to retail, where used-vehicle prices are now running well above year-ago levels. Average used-vehicle listing prices have climbed back toward $27,000 recently, while prices for many late-model vehicles are at their highest levels in several years.

The retail market is being influenced by several competing forces. Higher vehicle prices and rising household expenses continue to pressure many lower-income consumers, limiting participation in the retail market. At the same time, higher new-vehicle prices are pushing more traditional new-vehicle shoppers into the used market, helping sustain overall demand. The result has been a relatively balanced retail environment despite ongoing economic headwinds.  

Inventory conditions are also putting upward pressure on prices. While the supply of newer off-lease vehicles is beginning to improve, inventory remains tight in several key age segments due to lower production and sales during the pandemic, particularly among vehicles in the four- to six-year-old range that many value-focused shoppers seek. Cox Automotive analysts noted that the market continues to see strong interest in affordable vehicles and older models, which have been among the strongest-performing segments in both wholesale and retail channels.

Used EV Values Continue to Outperform Overall Market

Used electric vehicles remained one of the strongest segments in the wholesale market during the second quarter. The EV Index increased 12% year over year and 1.7% month over month in June, significantly outperforming the Non-EV Index, which rose 1.7% year over year and 0.2% from May.

Growing model variety, improving consumer familiarity with EV technology and elevated fuel costs have all contributed to stronger demand. At the same time, increasing off-lease EV volume at wholesale has not overwhelmed the market.

“Used EVs continue to outperform the broader market,” Gregory said. “We’re seeing a wider variety of EVs return from lease, helping provide dealers and retail shoppers more options than they had just a few years ago. That broader availability is helping demand remain resilient even as supply grows.”

Even with that growth, EVs remain a relatively small share of overall wholesale activity, accounting for less than 4% of Manheim sales volume.

Used and Wholesale Vehicle Market Forecast and Outlook for 2026

Looking ahead, Cox Automotive expects wholesale values to continue on a normal seasonal pattern through the remainder of 2026. While spring demand was stronger than expected, the company’s year-end outlook remains unchanged with expectations the Manheim Used Vehicle Value Index will finish the year approximately 2% higher than year-end 2025 levels, consistent with long-term historical norms.

“The wholesale market performed better than expected in the first half of the year, but the broader story remains one of normalization,” said Jeremy Robb, chief economist at Cox Automotive. “The strong spring driven by tax-refund activity pushed values higher, but recent MUVVI data shows the market settling back into a more typical seasonal pattern. As off-lease volumes increase and supply improves, we expect the market to remain healthy, balanced and supported by steady dealer demand.”

For more information on the Manheim Used Vehicle Value Index, visit Manheim Insights.

Media Contacts:
Mark Schirmer
734-883-6346
mark.schirmer@coxautoinc.com

Dara Hailes
470-658-0656
dara.hailes@coxautoinc.com