US Used Car Prices Fall the Most in Over 2 Years

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.

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%.

Wholesale used-vehicle prices in the US climbed 1.4% month-over-month in March 2026, marking the fifth straight month of increases and pushing the Manheim Used Vehicle Value Index to 215.3, its highest level since summer 2023. Prices also surged 6.2% year-over-year. Jeremy Robb, Cox Automotive’s chief economist, attributed the strength to strong consumer demand fueled by higher tax refunds and tight inventory levels, despite initial concerns over the Middle East conflict’s impact. Cox noted that sales conversion rates remained above normal in Q1, signaling robust dealer demand. Electric vehicle (EV) prices at wholesale are also rising as off-lease EV maturities increase, driving EV weighting in the Manheim index to a record 3.9% in March. Dealers appear to be stocking up on used EVs, anticipating higher demand as gas prices surpass $4.00 per gallon.