Wholesale used-vehicle prices climbed 2 percent in October compared with a year earlier, even as values for used electric vehicles fell for a second straight month, according to data Cox Automotive released this week.
The Manheim Used Vehicle Value Index, a closely watched gauge of prices at the company’s US wholesale auctions, rose to 206.8 for the month, up 0.5 percent from September.
What the October numbers show
The Manheim Used Vehicle Value Index (MUVVI) in October was 206.8, reflecting a 2% increase in wholesale used-vehicle prices (adjusted for mix, mileage, and seasonality) compared to October 2025. The Manheim index is up 0.5% month over month.
Cox Automotive Chief Economist Jeremy Robb said “Depreciation trends at Manheim were generally in line with long-term averages, with the index holding 2% higher against depressed values last October.”
The October reading follows a rockier third quarter in which wholesale values briefly turned negative on an annual basis for the first time in more than a year.
Cox Automotive cut its projected annual gain for the Manheim Used Vehicle Value Index from 2% to 0.2%, after the company’s Manheim index fell 0.6% year over year in September, the first monthly decline since early last year.
Electric vehicle values buck the broader gain
Used EVs moved in the opposite direction from the overall market last month. Used EV values fell by 3% in October, and non-EV values fell by over 2%, causing both the index and non-seasonally adjusted values to drop sharply month over month.
On a yearly basis the picture looks different: the Electric Vehicle (EV) Index was up 6.6% year over year but down 0.9% from September.
The swing comes as dealers continue to absorb a wave of returning lease vehicles, a trend GCN has previously reported pushed used EV prices higher rather than lower despite expectations of a supply-driven crash.
Auction supply tightened ahead of the rebound
The October rebound followed a steep slide in September, when nonadjusted wholesale prices fell sharply and the index posted its first full annual decline of the year.
Cox Automotive’s mid-month report found that supply, not demand, appears to be what slowed depreciation, with firmer values reflecting leaner inventory rather than stronger buying. The Manheim index was higher by 2.2% compared to October 2025, rebounding after the softening seen in the third quarter of the year.
Separately, MMR prices for the Three-Year-Old Index decreased 2.8% in October. MMR retention decreased less than usual in the month of October, suggesting the overall pullback in three-year-old values was milder than the typical seasonal pattern.
Why the data matters to buyers and dealers
The Manheim index serves as a leading indicator for retail used-car prices, since wholesale costs at auction typically filter through to showroom sticker prices within weeks.
As of August, used vehicles were listed at an average price of $27,239, a stark contrast to the new-vehicle average of more than $50,000, the company said, a gap GCN has tracked as wholesale supply has tightened in recent months.
The diverging paths for EV and gas-powered used values could matter for shoppers weighing a used electric vehicle against a conventional model this winter, particularly as wholesale supply conditions continue to shift heading into the final months of the year.
Cox Automotive is scheduled to release its next full Manheim index update in December.
