Manheim Used Vehicle Value Index (MUVVI) rose to 207.4, reflecting a 0.7% increase in wholesale used-vehicle prices (adjusted for mix, mileage, and seasonality) in the first 15 days of October compared to September. The Manheim index is now higher by 2.2% compared to October 2025, rebounding after the softening seen in the third quarter of the year.
Non-adjusted wholesale vehicle prices decreased 2% in the first half of October from September and are up 0.5% year over year. The long-term average monthly move in non-adjusted values is typically a decrease of 1.5% for the full month of October.
“After a September that depreciated faster than normal, wholesale values firmed in early October,” Jonathan Gregory, senior director, Cox Automotive, said. “The Manheim Index rose 0.7% to 207.4 through mid-month, but prices didn’t climb. Non-adjusted values still fell 2%, a pace October generally brings. Much of the 2.2% year-over-year gain reflects an easy comparison. Last October was unusually weak, and that low base boosts the annual figure now, much as last summer’s strong base held it down.
Supply, not demand, appears to be what slowed depreciation. Wholesale days’ supply fell from 28.7 to 28.2 days, and the gap compared to last year narrowed from 2.5 days to about one day. Dealer demand, meanwhile, is roughly flat: Sales conversion is only slightly above last year, and retention eased. The firmer values reflect leaner inventory rather than stronger buying, a more stable footing, but not a buyer-driven recovery.
The mix of what’s holding values up is shifting. EVs have outperformed all year on sustained demand for fuel-efficient vehicles, but so far this month, Non-EV values rose 0.7% while EVs slipped 0.7%. EVs remain up 6.8% year over year, though momentum is fading as more off-lease EVs come to market. Fuel efficiency and affordability continue to drive segment performance. Compact cars are up 5.6%, and midsize cars have turned positive. Luxury is now slightly below last year after being a first-half leader, and pickups remain soft.
This strong start to October cannot undo a soft third quarter. The trends we flagged in September haven’t gone away: higher rates and weaker sentiment. If anything, we might have seen some of the weakness we expect to see in October pulled ahead into September after a stronger-than-expected first half. October has started on steadier ground, but we will need the full month to know whether it will hold.”
