Wholesale used-vehicle prices remained stable with a slight increase in the first half of September, defying typical seasonal depreciation. According to the mid-month Manheim Used Vehicle Value Index (MUVVI) report, the index saw a negligible increase from 207.4 to 207.5, functionally a zero percent change from August. However, this is still a 2.2 percent increase compared to September 2024.
Without seasonal adjustments, the price change in the first 15 days of September rose 0.3 percent compared to August. This performance is notably stronger than the historical average for the full month of September, which typically sees a 0.3 percent decline in non-adjusted values.
“Wholesale values are continuing to buck traditional trends as they have for most of 2025, as prices have yet to return to normal depreciation levels,” said Jeremy Robb, Deputy Chief Economist for Cox Automotive. “We are continuing to see elevated new and used retail sales trends in the first part of September, and that is keeping retail days’ supply relatively tighter, pushing buyers through the doors at Manheim.”
Segment Price Increases and Used-Vehicle Inventory Levels
Performance across vehicle segments was mixed. Compared to the same period last year, the luxury segment led with a 2.1 percent price increase, followed by SUVs at 0.9 percent and trucks at 0.5 percent. Mid-size cars saw a modest 0.3 percent gain, while compact cars declined by 4.6 percent year-over-year.
Tight wholesale supply continues to support stable pricing. As of September 15, wholesale supply was estimated at 25 days, unchanged from the end of August and five percent lower than the same period last year. This is approximately two days below long-term averages for this time of year.
A Final Electric Vehicle Surge
Electric vehicles (EVs) continue to show significant strength throughout Q3. On a year-over-year basis, EV values surged by 5.5 percent in the first half of September, while the non-EV segment increased by a more moderate 1.4 percent. This is due to robust demand for used EVs thanks to the upcoming end of EV tax incentives and is keeping values strong.
Daily sales conversion rates also reflected a healthy market, averaging 60.3 percent in the first half of the month, slightly higher than the 59.9 percent rate seen in the same period last year.
Despite the strong wholesale market, consumer sentiment showed signs of decline. The University of Michigan’s initial September reading of its sentiment index fell by 4.8 percent, with consumers’ views on vehicle buying conditions deteriorating slightly due to concerns over pricing.
“As we approach the end of September, when tax incentives on EVs end, we are seeing demand trends that are keeping used EV sales strong and values even stronger, even as EVs rise in sales mix at Manheim,” said Robb. “The automotive market continues to show resiliency overall, both at the retail and wholesale level, as they are tied so closely to each other.”
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