Wholesale used-vehicle values feed into the actual cash value calculations insurers rely on when deciding whether a wrecked vehicle is repaired or declared a total loss, and July's numbers pushed further in the direction shops have been watching. July's MUVVI reading settled at 210, a 1.4% step down from June and roughly 2.5% off the March peak that marked this year's spring rebound, according to Cox Automotive's July report.
A mid-month estimate had put the decline at just 0.6% through July's first 15 days. Compared with a year earlier, prices were up 1.3%, a smaller gain than June's 2.1% increase. Cox Automotive's Jonathan Gregory attributed the shift to two overlapping causes: last July's prices were inflated by tariff-driven buying, which makes this year's comparison look weaker by contrast, and typical summer depreciation is now playing the bigger role in the month-over-month numbers.
EV values show first signs of cooling
Gas prices fell for a few weeks in June before turning upward again in July, a swing that has helped keep demand for used EVs elevated even as the broader wholesale market softens. This marked the second time in a row EVs have topped 4% of the index's vehicle mix, "a share we hadn't seen before this year," Gregory said.
Even so, EV pricing itself lost momentum. The EV Index gave back 2.1% of its value compared with June, and its annual growth rate cooled to 10.5%, a full 1.5 percentage points slower than the pace set in June. Non-EV pricing was little changed from a year earlier, inching up 0.4%, while slipping 1.1% against June. Gregory said Cox Automotive had been watching for this exact shift since flagging it on a Q2 call, and that July marks its earliest appearance in the data, though he stopped short of calling it a trend reversal.
Broader market signals
Compact cars and EVs posted the strongest annual gains in the index, while SUVs and pickups lost ground. SUVs and pickups aren't the only weak spot anymore — Gregory said midsize cars are now showing the same pattern of price softness. Pricing in the Three-Year-Old segment of the Manheim Market Report fell 2.8% for the month, a sharper drop than is typical for July. Sales conversion came in at 54.4%, a 2.2 percentage-point shortfall versus June, suggesting buyers are pulling back more than the calendar would typically predict. Inventory available at wholesale grew to 28 days' supply, nearly two full days more than a year ago.
Wholesale used-vehicle values are one of several data points shops track as insurers weigh repair-versus-replace decisions. Total loss frequency climbed to 23.1% of all 2025 claims, the highest share CCC Intelligent Solutions has recorded, according to the company's 2026 Crash Course report.
