Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) decreased from September in the first 15 days of October. The mid-month Manheim Used Vehicle Value Index fell to 203.6, showing a gain of 0.4% from the full month of October 2024.
The seasonal adjustment amplified the impact for the month, as it was higher than typical, reported Manheim. The non-adjusted price change in the first half of October fell 3.4% compared to September, and the unadjusted price is higher by 0.6% year over year. The average move for the full month of October is a decline of 1.5 percentage points for non-adjusted values, indicating the pricing declines observed so far in October are higher than normally seen for the full month.
Wholesale values started to show weakness in late September, and that has carried over into the first half of October, as price depreciation trends start to get back to normal levels,” said Jeremy Robb, deputy chief economist for Cox Automotive. “Declining retail sales in late September typically signal that we could see softer wholesale demand, a pattern holding at Manheim. While October typically shows the year’s strongest depreciation, current weekly declines are running higher than normal for this month, giving back some of the unusual price strength we maintained through most of 2025. The seasonal adjustment was smaller than typical for October, which amplified the month-over-month index decline.”
