U.S. wholesale used-vehicle prices ended 2025 on a steady note, with the Manheim Used Vehicle Value Index closing December at 205.5, up 0.4 per cent year over year and up 0.1 per cent month over month, according to Cox Automotive.
Although Manheim tracks U.S. wholesale, its direction often bleeds into Canadian pricing through cross-border competition, OEM incentive pressure, and auction dynamics. U.S. non-seasonally adjusted wholesale prices were up 0.5 per cent from December 2024, but down 0.4 per cent versus November — a move the company said reflects a market sliding back into typical seasonal patterns.
“Consumer spending trends showed signs of a slowdown in December, as affordability concerns caused many to pull back on the spending reins, translating to depreciation trends catching up a bit in wholesale markets over the month,” said Jeremy Robb, interim chief economist at Cox Automotive, in a statement.
Closer to the holiday period, Robbs said they noticed seasonal patterns in used retail sales slowing down, while “new retail sales increased against November trends but remained lower compared to 2024.”
Cox said retail used-vehicle sales in 2025 were up 2 per cent year over year on an initial vAuto estimate. At Manheim, MMR retention averaged 99.6 per cent in December and the daily sales conversion rate was 56.8 per cent, above the recent three-year average. These are signs demand stayed healthier than usual for this time of year.
Electric vehicles outperformed the broader market, with Cox Automotive noting its EV Index rose 2.5 per cent year over year in December. Non-EV wholesale values increased 0.4 per cent.
For 2026, Cox forecasts retail used-vehicle sales at 20.3 million (down 0.7 per cent) and expects the Manheim index to rise 2 per cent by year-end, with EVs — now 3.3 per cent of the index and becoming a bigger influence as more units return to wholesale channels.
