US Used Car Prices Fall the Most in Over 2 Years

2025-11-07 14:45 By Joana Taborda 1 min. read

The US Manheim Used Vehicle Value Index declined 2% month-over-month in October 2025, the biggest drop since April 2024, following a 0.2% decline in September.

Trends get a little spooky in October for the wholesale markets, typically showing us the highest levels of depreciation in the year and this year was no exception.

It’s typical to see higher declines for values in October, as dealers slow down ahead of winter, and the new model year mix grows in retail inventory, both of which can put pressure on values", said Jeremy Robb, Deputy Chief Economist at Cox Automotive.

EV prices fell 3% while non-EV dropped 2.2%.

Year-on-year, used car prices stalled, following a 2% gain in September.

The luxury vehicle segment outperformed the overall market as it has for several months, influenced by higher EV prices helping the segment.

On the other hand, compact and mid-size cars continue to see the largest declines compared to last year.



News Stream
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The US Manheim Used Vehicle Value Index increased 0.8% month-over-month in February 2026, following a 2.4% jump in January. Prices for EVs rose 0.8% and non-EVs went up 0.9%. Year-on-year, prices of used cars increased rose 4%, the biggest annual gain since June last year. Prices for the luxury segment increased 4.1%, SUVs went up 2% and midsize cars gained 1.3% while compact cars (0.6%) and pickups (0.8%) continue to see relatively weak price growth compared to this time last year. Prices for EVs rose 1.8% and non-EVs went up 3.7%. “We had planned for a stronger January from a pricing perspective, but wholesale values moved even faster than we expected on the back of strong retail demand, driving the MUVVI to its highest reading since September 2023. With tax refund season officially starting last week, we are expecting that more consumers will be getting refunds – and that the size of those refunds will hit a new record”, Jeremy Robb, Chief Economist at Cox Automotive said.
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The US Manheim Used Vehicle Value Index jumped 2.4% month-over-month in January 2026, the most since April last year, compared to a 0.1% gain in the previous month. EV prices increased 0.4% from December and Non-EV went up 2.2%. “We had planned for a stronger January from a pricing perspective, but wholesale values moved even faster than we expected on the back of strong retail demand, driving the MUVVI to its highest reading since September 2023. With tax refund season officially starting last week, we are expecting that more consumers will be getting refunds – and that the size of those refunds will hit a new record. Those factors should help consumers punch the ticket on some big-ticket purchases”, according to Jeremy Robb, Chief Economist, Cox Automotive. Year-on-year, used car prices also increased 2.4%, led by the luxury segment (1.6%) and non-electric vehicles (2.2%), while compact cars posted a 0.2% decline. Prices for EVs increased 0.8%.
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