Wholesale used-vehicle prices held steady in August—with EVs continuing to outperform non-EVs as the industry nears the cutoff for federal EV tax incentives.
The details: According to the latest Manheim Used Vehicle Value Index (MUUVI) report, the wholesale price index was unchanged at 207.4, up 1.7% from the same period last year.
The non-adjusted price in August increased by 1.0% from July, pushing the unadjusted average 1.8% higher year-over-year.
On average, the long-term move for non-seasonally adjusted values is a 0.1% rise in August, underscoring how huge last month’s unadjusted gains were.
What they’re saying: “Changes in wholesale values have continued to defy gravity a bit this year, as the industry suffers from lower used-vehicle inventory levels and increased demand from consumers for affordable vehicles,” said Jeremy Robb, deputy chief economist for Cox Automotive.
Jeremy Robb
“As we’ve seen volatility in recent months, the Manheim index is lower than the April peak, but still a few points higher than March levels.”
Why it matters: Flat pricing underscores the resilience of used-vehicle values despite ongoing inventory swings. EVs remain a bright spot ahead of looming tax credit changes—highlighting potential margin opportunities for dealers.
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Zooming in: EV value gains outpaced non-EVs across powertrains, while luxury and SUVs increased year-over-year, and compact cars posted the sharpest decline.
EV values rose 0.8% month over month, edging out non-EVs (+0.7%), and surged (+4.6%) YoY compared to (+1.4%) for non-EVs.
Luxury values grew 2.3% YoY but slipped (-0.8%) MoM, while SUVs gained 1.3% YoY and just 0.1% MoM.
Pickups dropped (-0.3%) YoY and (-0.4%) MoM; mid-size sedans fell (-2.0%) YoY but ticked up (+0.7%) MoM; compact cars declined (-3.5%) YoY but rose (+1.2%) MoM.
Retail used-vehicle sales climbed 9.2% MoM and 9% YoY, with average retail listing prices up 0.3% in the past four weeks. New-vehicle sales rose 6.2% YoY and 5.3% MoM, with SAAR at 16.1M—slightly below July’s 16.5M but still strong.
What they’re saying: “New-vehicle sales have remained strong through August, and as that continues, it drives more consumer demand in the used market as well,” said Robb. “As we move toward the end of Q3, when EV incentives are set to expire, new and used EV sales have remained robust. This increased demand has elevated values for used EVs at auction, making the EV segment the strongest performer currently against last year for wholesale values.”
Bottom line: Wholesale prices remain firm despite inventory pressure and policy shifts, with EVs driving the market. Strong retail and new-vehicle demand continue to sustain used values—though the pending end of federal incentives is sure to impact electric vehicles moving forward.
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