The Manheim Used Vehicle Value Index (MUVVI) rose to 210.5, reflecting a 2.4% increase for wholesale used-vehicle prices (adjusted for mix, mileage, and seasonality) compared to January 2025. Month over month, the index is up 2.4% in January.
The long-term average monthly move is a decrease of 0.2%.
Non-adjusted wholesale vehicle prices are now up 2.5% year over year, and up 2.7% against December 2025. The long-term average monthly move in non-adjusted values is an increase of 0.4% in January.
Jeremy Robb, chief economist, Cox Automotive “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, even as we have seen a more muted impact on market interest rates in the face of three Fed cuts since September. The spring bounce for wholesale markets looks like it started early this year, and stronger tax refunds and lower used supply may keep it running for longer than typically seen.”
MMR prices for the Three-Year-Old Index increased 1.5% in January.
MMR retention averaged 100.0% in January, up 20 basis points year over year, and up 0.4 percentage points from December.
Sales conversion was 60.7% for the period, 3.2 percentage points higher than the most recent three-year average for January and up 6.5 percentage points from December.
Overall market prices were up somewhat from a year ago, led by the luxury segment and non-electric vehicles, while compact cars posted slight declines.
