Critical Shifts:
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Stable Year-Over-Year Growth: The Manheim Used Vehicle Value Index (MUVVI) reached 212.9 in June 2026, marking a 2.1% increase year-over-year and a minor 0.1% tick upward from May, showing steady market resilience.
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Post-Spring Normalization: Following a booming spring selling season fueled by tax refunds that hit multi-year highs in March, wholesale values have normalized slightly (down roughly 1% from those spring peaks) but remain firmly balanced.
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Strong Dealer Demand: Wholesale dealer demand is outpacing historical norms. The June sales conversion rate hit 57.5%—which is 2.6 percentage points higher than the trailing three-year average for June.
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Healthy Inventory Flow: Wholesale days’ supply wrapped up June at 27 days. While slightly higher than last year, it remains safely within healthy seasonal boundaries.
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Higher Retail Sticker Prices: The strong wholesale momentum from earlier in the year has trickled down to retail lots. Average used-vehicle listing prices are hovering back near the $27,000 mark, with late-model vehicles seeing their highest prices in several years.
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Wholesale used-vehicle prices (on a mix-, mileage- and seasonally adjusted basis) were higher year over year in June as the used-vehicle market closed the first half of 2026 with healthy demand and stable pricing conditions. The Manheim Used Vehicle Value Index (MUVVI) rose to 212.9 in June, an increase of 2.1% from a year ago and 0.1% from May.
The first half of the year was defined by a strong spring selling season fueled by tax-refund activity that pushed wholesale values to their highest levels in several years. Since peaking in March, the market has gradually normalized, leaving wholesale values roughly 1% below spring highs but still above year-ago levels.
“The first half of the year is officially in the books, and wholesale values finished on solid footing,” said Jonathan Gregory, senior director at Cox Automotive, parent company of Manheim. “We shouldn’t read too much into the softer gains in June. Much of the slowdown reflects tougher comparisons against last summer rather than a meaningful change in market conditions at the end of the first half. The bigger picture remains one of balance. Dealer demand at Manheim is still running above historical norms, wholesale supply remains within seasonal ranges, and the market has settled into a much more normal pattern following an unusually strong spring.”
Wholesale pricing eased modestly in June but remained relatively firm for this time of year. Manheim Market Report (MMR) prices for the Three-Year-Old Index declined 1.9% during the month of June, while MMR retention averaged 99.4%, up 0.2 percentage points from a year ago.
Dealer demand also remained strong as the first half ended. Sales conversion measured 57.5% in June, 2.6 percentage points above the recent three-year average for the month, even after easing from elevated spring levels. Wholesale days’ supply finished June at 27 days, slightly higher than a year ago but still within seasonal boundaries.
The June results reinforce a broader trend emerging in the wholesale market: Conditions are normalizing following a strong spring, fueled in part by strong tax refunds. According to Cox Automotive analysts, depreciation has returned to more typical levels and wholesale pricing trends remain aligned with long-term averages.
Retail used-vehicle demand remained relatively stable through the first half of 2026, even as prices moved higher across much of the market. Strong wholesale performance in the spring has flowed through to retail, where used-vehicle prices are now running well above year-ago levels. Average used-vehicle listing prices have climbed back toward $27,000 recently, while prices for many late-model vehicles are at their highest levels in several years.
