Manheim Used Vehicle Value Index (MUVVI) fell to 206.2, reflecting a 1% decrease in wholesale used-vehicle prices (adjusted for mix, mileage, and seasonality) in the first 15 days of September compared to August. The Manheim index was down 0.4% compared to September 2025, softening from the elevated levels recorded in the first half of the year.
Non-adjusted wholesale vehicle prices decreased 1.1% in the first half of September from August and are down 1.1% year over year. The long-term average monthly move in non-adjusted values is typically a decrease of 0.3% for the full month of September.
“Wholesale values pulled back in the first half of September, with the Manheim Used Vehicle Value Index falling 1% from August to 206.2, and non-adjusted prices declined 1.1%,” Jonathan Gregory, senior director, Cox Automotive. “That decline is enough to tip the year-over-year comparison negative for the first time in 2026. That is down 0.4% against last September, after decelerating from a stronger-than-normal first half of the year. The market has fully given back the stronger pricing trend from the spring’s tax-refund bounce and is now tracking a touch below last year…
“The Federal Reserve’s first rate hike in more than three years adds another potential headwind. The direct impact on auto loans may be limited because those rates tend to track longer-term Treasury yields more closely than the federal funds rate. Still, higher borrowing costs and added pressure on household budgets will weigh on vehicle demand.”
MMR Prices, Retention & Sales Conversion
- MMR prices for the Three-Year-Old Index declined 0.8% since the beginning of September, a sharper decline than the same period last year. Overall, MMR depreciation was slightly elevated in the first half of September relative to the long-term average, consistent with the broader give-back from the spring bounce and softer demand for larger, less fuel-efficient vehicles.
- MMR retention averaged 99.6% in the first half of September, higher by 0.6 points year over year and up 0.1 points from August.
- Sales conversion averaged 55.8% in the first half of September, lower by 1.4 points year over year and down 0.7 points from August.
