U.S. wholesale used vehicle prices, a combination of mileage and seasonally adjusted basis, were more elevated in June compared to May, according to Cox Automotive. Its Manheim Used Vehicle Value Index (MUVVI) rose to 208.5, revealing a 6.3 per cent year-over-year increase and 1.6 per cent increase above May levels.
Cox Automotive said the seasonal adjustment pushed the index higher in the month, as non-seasonally adjusted values declined more than usual thanks to the volatility resulting from the tariff announcement. The non-adjusted price in June slipped 1.1 per cent compared to May. This means the unadjusted average price is now 5.1 per cent higher YoY.
“Wholesale appreciation trends have been more volatile over Q2 as tariffs really impacted new sales and supply, which impacted the used marketplace as well,” said Jeremy Robb, Senior Director of Economic and Industry Insights at Cox Automotive, in a statement.
He said the Manheim index has overall been increasing since last June, and that the company typically sees the strongest changes for the year in the second quarter “as the ‘spring bounce’ comes to an end.”
As the automotive sector enters the second half of 2025, Robb said it was likely that some of the reported strength in the market would taper off. He said year-over-year comparisons are more difficult in the back half of the year.
“Even so, retail sales continue to run a bit hotter than prior years, and off-lease supply into the market is still on a downward path, two factors which should be fairly supportive of higher values as we move onward,” said Robb.
