Wholesale used-vehicle prices, adjusted for mix, mileage and seasonality, increased 2.1% year over year in June, pushing the Manheim Used Vehicle Value Index to 212.9, Cox Automotive reported.

The index edged up 0.1% from May, below the long-term average June increase of 0.5%. Non-adjusted wholesale prices increased 2.9% from June 2025 but declined 1.3% from May.

Jonathan Gregory, senior director at Cox Automotive, said in a July 8 news released that the first half of 2026 ended with wholesale values on solid footing after a strong tax-refund season pushed prices to multi-year highs in March before moderating. The index finished June about 1% below its March peak.

“I’d caution against reading too much into the softer year-over-year print: the deceleration from May’s 3.6% to June’s 2.1% is mostly a base effect, as we’re now lapping last June, when values were still climbing on tariff-induced demand,” Gregory said.

He added that dealer demand remains balanced, citing a sales conversion rate of 57.5%, which remains above the three-year June average despite easing since spring. He also noted wholesale days’ supply ended June at 26.9 days, slightly above last year but within seasonal norms.

“Affordability is the throughline in the first half of 2026,” Greogry said. “We’ve seen stronger appreciation in older units this year, and the most affordable segments have been among the year’s best performers.

“The risk we’re watching for the second half is that steep ramp in off-lease supply, EVs especially, which could pressure specific segments even as the headline holds firm. Gas is the swing factor: If pump prices keep falling, some of that EV demand could fade as availability increases.”

MMR Prices, Retention & Sales Conversion

MMR prices for the Three-Year-Old Index declined 1.9% in June. MMR retention averaged 99.4%, up 0.2 percentage points year over year and down 0.1 point from May.

Sales conversion reached 57.5%, 2.6 percentage points above the three-year June average but 1.4 points below May.

Price declines and retention changes were milder than typical for June, while demand remained above normal despite recent softening.

Segment Performance: Year-Over-Year Price Changes

Overall wholesale prices increased from a year ago, led by gains in EVs and luxury vehicles, while compact cars also showed relative strength in recent months.

SUVs and pickups underperformed compared with the same period last year.

EV versus Non-EV Index

The EV Index rose 12% year over year and 1.7% from May. The Non-EV Index increased 1.7% year over year and 0.2% from May. Cox Automotive said both segments remained above year-ago pricing levels, with EV values continuing to strengthen even as vehicle availability improved.

Wholesale Supply and Rental Prices

Wholesale days' supply ended June at 26.9 days, up 1.3 days from a year earlier and 0.1 day from May.

Rental vehicle prices increased 1.2% year over year but slipped 0.1% from May. On a non-seasonally adjusted basis, rental values were 1.3% above June 2025 while declining 2% during June. Average mileage on rental units was 6.6% lower than a year earlier.

Cox Automotive said wholesale supply remained within normal seasonal ranges while rental values eased month over month.