- The Manheim Used Vehicle Value Index rose 2% year over year in October.
- Electric vehicle values have stayed much higher year over year.
- Higher wholesale prices could soon translate into even higher prices for shoppers, who are already paying the most for used cars since 2022.
Wholesale used-vehicle prices remained relatively stable in October, according to the latest data from Cox Automotive’s Manheim Used Vehicle Value Index (MUVVI). The index reached 206.8, up 2% from October 2025 and 0.5% higher than September after adjustments for mix, mileage, and seasonality. Cox Automotive is the parent company of Kelley Blue Book.
A Return to Seasonal Patterns
The slight increase comes after a year marked by shifting depreciation trends. While wholesale values softened over the summer, declines slowed toward the end of October and returned to more typical seasonal patterns, according to Jeremy Robb, chief economist at Cox Automotive.
October is traditionally one of the weakest months for wholesale pricing, but this year’s market held up better than last year’s. Non-adjusted wholesale prices were up 0.3% year over year, though they fell 2.3% from September.
An Early Warning Sign
For consumers, rising wholesale prices may be an early warning sign. Retail used-car prices typically follow wholesale market movements by roughly six to eight weeks. That means shoppers could see higher sticker prices by late December or early next year if wholesale values continue climbing.
Those increases would come on top of an already expensive used-car market. According to recent data from Cox Automotive, the average used-car listing price recently reached its highest level since 2022, suggesting affordability challenges could intensify if wholesale trends continue.
EV Index
Electric vehicles continued to outperform the broader market. The EV index increased 6.6% from a year earlier, though it dipped 0.9% from September. Higher gasoline prices appear to be helping support EV demand. By comparison, non-EV values were up 1.1% year over year and 0.4% month over month.
Other Takeaways
- Light-duty truck values fell 4.3% year over year on a non-adjusted basis.
- Used-vehicle days’ supply sat just below 50 days in late October, roughly in line with historical norms for this time of year.
- Wholesale supply ended the month at 28.1 days, essentially unchanged from a year ago.
- Three-year-old vehicle values fell 2.8% during the month, a smaller decline than the historical average for October.
Looking ahead, Robb noted that dealers will be watching consumer demand closely during the holiday season. However, he suggested that steady demand could be supported by rising consumer optimism and the aging U.S. vehicle fleet.
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