US Used Car Prices Fall the Most in Over 2 Years

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.

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.