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
Used Car Prices in the US Slow in June
The Manheim Used Vehicle Value Index, a widely followed measure of wholesale used-vehicle prices in the US market, edged up 0.1% month-over-month in June 2026, following a 0.3% rise in May. Prices for EVs rose 1.7% while non-EVs increased 0.2%. Year-on-year, prices went up 2.1%, below 3.6% in May, mostly due to a base effect. Compared with a year earlier, prices increased for compact cars (4.8%), luxury (1.4%) and midsize cars (0.1%) while a decline was recorded for SUVs (-0.8%) and Pickups (-0.3%). EVs cost went up 12% while non-EVs rose 1.7%. "The story of the first half is a strong tax-refund season that pushed values to levels we haven’t seen in a few years, peaking in March before normalizing, leaving the index about 1% off that March high. The bigger picture remains one of balance", according to Jonathan Gregory, Senior Director, Cox Automotive.
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Used Car Prices in the US Rise in May
The Manheim Used Vehicle Value Index, a widely followed measure of wholesale used-vehicle prices in the US market, increased 0.3% month-over-month to 212.6 in May 2026, following a 1.6% drop in April which was the first fall in six months. "Wholesale value trends continue to normalize from a strong start to the year, as we start to move into summer months and consumers continue to contend with higher gas prices. The Manheim Index overall remains higher against last year, yet it wasn’t as strong as we normally see within the month. As values were much higher in February and March, they just started to normalize. But the big picture shows good balance in supply and demand", according to Jeremy Robb, Chief Economist, Cox Automotive. EV prices increased 3.5% while prices for Non-EVs were flat. Year-on-year, prices for used vehicles went up 3.6%, led by continued EV strength and recent growth in compact cars.
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Used Car Prices in the US Fall in April
Wholesale used-vehicle prices in the US declined 1.6% month-over-month in April 2026, the first drop in six months, following a 1.4% rise in March and pushing the Manheim Used Vehicle Value Index to 211.9. “A strong tax refund season drove consumers toward used vehicles early this year, and that kept demand and values high at Manheim through the spring market. The conflict in the Middle East has now been ongoing for two months, and while energy prices backed off a bit in mid-April, they have reaccelerated to the upside: the price of gas just hit a high for the year and is up 47% since the end of February. Those higher prices are soaking up a lot of the extra money in consumers’ pockets, and currently there’s no end in sight", according to Jeremy Robb, Chief Economist, Cox Automotive. Prices for non-EVs dropped 2.2% while prices for EVs rose 1.4%. Year-on-year, wholesale used-vehicle prices increased 1.8%, with the EV index up 7.2% while the non-EV rose at a much slower 1.1%.
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