The Manheim Used Vehicle Value Index (MUVVI) fell to 211.9, reflecting a 1.8% increase for wholesale used-vehicle prices (adjusted for mix, mileage, and seasonality) compared to April 2025, according to a May 7 release from Cox Automotive. The April index is down 1.6% month over month. The long-term average monthly move for April is an increase of 0.7%.
Non-adjusted wholesale vehicle prices are now up 2.8% year over year, and up 0.4% against March 2026. The long-term average monthly move in non-adjusted values is an increase of 1.3% in April.
“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,” Jeremy Robb, chief economist, Cox Automotive. “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.
The Manheim Index fell in April and non-seasonally adjusted values weren’t quite as strong as normal for this time of year. But that doesn’t mean prices are weak — current values are declining at normal rates for this time of year and remain elevated against long-term averages for the end of April. Buying interest in electric vehicles (EVs) is also on the rise, pushing wholesale EV prices to outperform non-EVs for both the index and non-seasonally adjusted values as well.”
