U.S. wholesale used-vehicle values remained above last year’s levels in June, while electric vehicle values rose 12%.
The Manheim Used Vehicle Value Index reached 212.9, up 2.1% from June 2025 and 0.1% from May. The index adjusts wholesale auction prices for changes in vehicle type, mileage and seasonal conditions.
Manheim is a U.S. vehicle auction and remarketing business owned by Cox Automotive, an Atlanta-based automotive services and technology provider. The index does not measure Canadian vehicle values.
Vehicle values form part of the calculation used to determine whether a damaged vehicle will be repaired or declared a total loss. Higher pre-collision values can leave more room for repair costs before a vehicle reaches an insurer’s total-loss threshold.
The June result followed a strong spring market. The index reached its highest level in several years in March before falling about 1% by the end of June.
Jonathan Gregory, senior director of economic and industry insights at Cox Automotive (right), attributed much of the spring increase to U.S. tax-refund activity.
“The bigger picture remains one of balance,” Gregory said.
Vehicles sold for 57.5% of the amounts recorded in Manheim’s market reports during June. That conversion rate was 2.6 percentage points above the three-year average for the month, indicating that dealer demand remained stronger than usual.
Wholesale inventory represented 26.9 days of supply. That was 1.3 days more than in June 2025, but remained within the normal seasonal range.
Electric vehicles recorded the largest increase. The Manheim EV Index rose 12% from June 2025 and 1.7% from May. The index covering vehicles without electric powertrains rose 1.7% from last year and 0.2% from May.
Electric vehicles still represented less than 4% of vehicles sold through Manheim.
Gregory identified the growing number of electric vehicles returning from leases as a potential source of downward pressure during the second half of the year. Used EV demand could also weaken if gasoline prices continue to fall, he said.
Non-adjusted wholesale prices fell 1.3% from May, compared with the average June decline of 0.5%. They remained 2.9% above June 2025.
Jeremy Robb, chief economist at Cox Automotive (left), said the market was returning to its usual seasonal pattern following the spring increase.
“The strong spring driven by tax-refund activity pushed values higher, but recent MUVVI data shows the market settling back into a more typical seasonal pattern,” Robb said.
Robb’s year-end forecast calls for the index to finish 2026 about 2% above its December 2025 level.
