U.S. wholesale used-vehicle prices strengthened sharply in the first quarter of 2026, as demand outpaced supply and pushed values to their highest level in nearly two years, according to Cox Automotive. The Manheim Used Vehicle Value Index climbed to 215.3 in March, up 6.2 per cent year over year.
The increase reflects a stronger-than-usual spring market, with wholesale prices rising 1.4 per cent in March and 2.3 per cent since the start of the year. Auction data showed consistent buyer engagement, with conversion rates exceeding prior-year levels throughout most of the quarter.
“As soon as this year began, prices at Manheim started moving higher as dealers anticipated strong demand from higher tax refunds to consumers,” said Jeremy Robb, Chief Economist at Cox Automotive, in a statement. “Sales conversion rates, a clear sign of demand, were higher against 2025 for every week but one in Q1.”
Retail conditions also improved, with used-vehicle sales estimated to be about 2 per cent higher than a year earlier. At the same time, inventory tightened, with days’ supply falling below 40 in March, helping support firm pricing across key segments.
Used electric vehicles recorded notable gains. Nearly 37,000 EVs were sold at wholesale during the quarter — a record — while retail sales surpassed 100,000 units, supported in part by affordability compared with new EVs.
Cox Automotive said its full-year outlook remains largely unchanged. Total used-vehicle sales are expected to decline 1 per cent in 2026, while wholesale prices are projected to follow typical seasonal patterns and rise about 2 per cent by year-end.
