Wholesale used-vehicle prices are now roughly even with year-ago levels, a shift from the stronger annual gains recorded earlier in the year, according to the Manheim Used Vehicle Value Index published Aug. 19 by Cox Automotive.
The index fell 1.2% in the first half of August compared with July, dropping to 207.4 on a mix-, mileage- and seasonally adjusted basis. Non-adjusted wholesale prices decreased 0.8% over the same period and are down 0.2% year over year.
The figure feeds directly into insurers' actual cash value math, which shops rely on to know whether a vehicle stays in the repair queue or gets written off.
Base effect drives flat comparison
Jonathan Gregory, senior director at Cox Automotive, attributed the flat annual reading largely to a difficult comparison point rather than a market downturn. "Wholesale values eased in the first half of August, with the Manheim Used Vehicle Value Index at 207.4, down 1.2% from July," Gregory said in the report. "That's a bit more depreciation than the recent-year average for this month, but well within the normal historical range for August."
He said the flat year-over-year reading is "largely a base effect," explaining that "last August was itself one of the stronger post-pandemic prints, so the comparison was always going to be the toughest of the year," according to the report.
A steady cooldown through 2026
Mid-August's flat reading caps a gradual deceleration that has played out over several months. The index posted a 6.2% year-over-year gain in March before slowing to a 2.1% annual increase in June and 1.3% in July. Cox Automotive's Jan. 6 outlook had projected 2% growth for the index by the end of 2026.
Gas prices and EV values
The national average gas price reached $4.06 a gallon as of Aug. 17, up from roughly $3.14 a year earlier, Cox Automotive said in the report. Gregory said used EV values remain elevated as a result, up 5% year over year, though that annual increase is smaller than in recent months. He attributed the deceleration to a growing pool of vehicles returning from lease, which is giving shoppers more EV options than in recent years, according to the report. The EV Index fell 4.2% from July despite the annual gain, while the Non-EV Index dropped 1.4% year over year and 1.1% from July.
Segment and supply data
Compact cars posted the strongest annual gain among vehicle segments at 2.2%, while the luxury segment's gain narrowed to 0.7% after leading much of the first half of 2026, Cox Automotive said. Midsize cars, SUVs, and pickups posted softer results, a pattern Gregory said reflects buyers increasingly favoring more affordable vehicles as 2026 has progressed.
MMR retention averaged 99.5% in the first half of August, down 0.3 percentage points year over year but up 0.3 points from July, while sales conversion averaged 56.9%, down 4 points year over year despite a 3-point gain from July, Cox Automotive reported. Wholesale vehicle supply stood at 27.7 days as of Aug. 15, up 2.6 days from a year earlier, according to Cox Automotive's data.
Total loss frequency reached a record 23.1% of all claims in 2025, according to CCC Intelligent Solutions' Crash Course 2026 report.
