U.S. wholesale used-vehicle prices remained on solid footing in June, with Cox Automotive reporting continued year-over-year gains despite signs the market is returning to more typical seasonal patterns.
According to the June Manheim Used Vehicle Value Index (MUVVI), the index rose 2.1 per cent from June 2025 to 212.9, while increasing 0.1 per cent from May after adjusting for mix, mileage and seasonality. Non-adjusted wholesale prices were up 2.9 per cent year over year but declined 1.3 per cent month over month.
Jonathan Gregory, Senior Director at Cox Automotive, said wholesale values benefited from a strong tax-refund season earlier this year before stabilizing in the second quarter.
“The bigger picture remains one of balance,” said Gregory, noting wholesale sales conversion reached 57.5 per cent in June, 2.6 percentage points above the three-year average for the month, even as demand eased from spring highs.
The report found affordability continues to influence the market. Older vehicles and lower-priced segments have posted some of the strongest price gains in 2026, while EVs remained the standout performer. Wholesale EV values increased 12 per cent year over year and 1.7 per cent from May, compared with gains of 1.7 per cent year over year and 0.2 per cent month over month for non-EVs.
By contrast, SUVs and pickups underperformed compared with the same period last year.
Looking ahead, Cox Automotive said the greatest risk to wholesale pricing is the expected increase in off-lease vehicle supply during the second half of 2026, particularly electric vehicles. Gregory added that lower gasoline prices could also temper EV demand as inventory continues to grow.
Wholesale supply ended June at 26.9 days, up 1.3 days from a year earlier but still within seasonal norms. Meanwhile, rental vehicle values were 1.2 per cent higher than a year ago despite edging down 0.1 per cent from May.
