The Manheim Used Vehicle Value Index (MUVVI) rose to 213.9 in the first 15 days of June, a 0.6% increase from May on a mix-, mileage- and seasonality-adjusted basis, according to Cox Automotive's mid-June MUVVI report, published June 17.
Wholesale values are now 2.6% higher than June 2025, a gain the report describes as slightly above the typical full-month increase of 0.5% for June. Rising wholesale values can affect total loss decisions. Higher actual cash values raise the dollar threshold at which an insurer declares a vehicle a total loss rather than authorizing repairs.
On a non-adjusted basis, wholesale prices fell 0.8% in the first half of June compared with May but rose 3.4% year over year, according to the report.
EV values outpace the broader market
The EV Index rose 13.7% year over year and 3.2% from May, according to the mid-June report. The Non-EV Index rose 2.1% year over year and 0.6% from May.
EV prices have outpaced non-EVs for several consecutive weeks heading into mid-June, a trend Cox Automotive first flagged in May, when EV prices were running 11% higher since the start of the year and gas prices stood at $4.50 a gallon. By mid-June, gas prices had eased to just above $4.00, even as the EV price gain widened.
"EV's and compact cars continue to show stronger price appreciation, a sign that affordability may be doing some work behind the scenes," Jeremy Robb, chief economist at Cox Automotive, said in the report.
Robb tied the gain in EV and compact car values to gasoline prices, which he said remained above $4 a gallon in mid-June. "With gas stockpiles low across much of the globe, energy demand will likely remain stronger for some time," Robb said. "With prices at the pump still over $4.00 in mid-June, those trends will likely continue to weigh on consumer purchasing overall."
Compact cars rose 5.9% year over year, outpacing the broader market, according to the report. SUVs gained the most in sales mix over the past year but rose just 0.1% year over year in value.
This dynamic builds on a trend Cox Automotive identified earlier this year. In March, EV wholesale prices rose 7.9% year over year and 3.7% from February, with EVs accounting for a record 3.9% of the Manheim dataset that month. Robb said at the time that dealers were "anticipating increased interest for used EVs as gas prices have now risen above $4.00 per gallon and are stocking up on EV inventory," according to the March MUVVI report.
Seasonal depreciation returns
"Manheim values continue their normal pattern of declining at this time of year, though prices are falling from elevated levels from stronger spring appreciation," Robb said in the mid-June report. He said the increase recorded in the first half of June was close to normal seasonal averages for the index, though non-seasonally adjusted prices showed a slightly faster rate of decline.
Manheim Market Report (MMR) prices for the Three-Year-Old Index fell 0.7% since the start of June, a steeper decline than the same period last year, which Robb attributed to tariff impacts that had supported higher wholesale values in 2025. MMR retention averaged 99.6% in the first half of June, up 0.4 percentage points year over year and up 0.1 percentage point from May. Sales conversion averaged 59.4%, up 3.7 percentage points year over year but down 0.4 percentage points from May, according to the report.
Cox Automotive's Jan. 6 2026 outlook projected the MUVVI would rise 2% year over year by the end of 2026. The index ran well above that pace earlier in the year, including a 6.2% year-over-year gain recorded in March, before cooling to the 2.6% reading recorded in mid-June.
Wholesale supply expected to build
Wholesale vehicle supply reached 26 days at the end of May, up one day from May 2025 and flat against the end of April, according to the mid-June report. By June 15, days' supply had risen to 27 days, about one day higher than the same point last year.
Robb said off-lease maturities and the share of off-lease EVs within that pool are both likely to increase in the second half of the year. "As we move into the second half of the year, we should continue to see a ramp in both off-lease maturities and the rise of off-lease EV's within that mix, two factors which are likely to influence the Manheim Index through year end," he said.
Robb also pointed to developments in the Middle East as a factor that could affect energy prices and, in turn, consumer demand. "The conflict in the Middle East appears to be nearing a solution, but it's too early to see the impact in the rear-view mirror," he said.
Robb also pointed to developments in the Middle East as a factor that could affect energy prices and, in turn, consumer demand. The mid-June report describes the regional conflict as nearing resolution, a shift from the active disruption cited as a factor in gas prices reaching $4.50 a gallon in May. "The conflict in the Middle East appears to be nearing a solution, but it's too early to see the impact in the rear-view mirror," Robb said.
Retail prices have followed wholesale trends earlier in the year. Average used-vehicle listing prices reached $26,918 in May 2026, up 6% year over year and the highest level since mid-2023, according to Cox Automotive's analysis of vAuto Live Market View data. That followed a roughly $1,500 monthly jump in April retail prices to about $25,500, according to CARFAX.
The growing share of EVs in the wholesale data also carries implications for shop staffing and equipment, an issue raised in a separate analysis of 2025 industry data, which noted that more used EVs entering the repair stream require shops to maintain or expand calibration, diagnostic, and high-voltage repair capabilities.
