Wholesale used-car prices in the United States showed unexpected resilience in October, with the Manheim Used Vehicle Value Index reaching 206.8. The benchmark increased 2% year over year and 0.5% from September, even as the market entered a seasonally weaker period.
Electric vehicles recorded the biggest annual gain, with wholesale values climbing 6.6% from October 2025. The month-to-month results, however, were less consistent. EV values declined slightly, while non-electric vehicles posted modest increases. Several conventional vehicle segments also continued to experience depreciation.
The latest results offer dealers and shoppers a useful snapshot of changing demand, inventory, and pricing conditions.
Manheim Index Reaches 206.8 as Wholesale Prices Hold Firm
The Manheim Used Vehicle Value Index, published by Cox Automotive, climbed to 206.8 in October 2026. That represented a 2% increase compared with October 2025 and a 0.5% gain from September.
The index adjusts for changes in vehicle mix, mileage, and seasonal patterns, making it a more useful measure of underlying wholesale price movement than simply comparing the average sale price of vehicles sold in two different months.
The monthly increase was notable because October is generally one of the weakest months for wholesale used-car prices. Cox Automotive said the long-term average monthly movement for October is a 0.3% increase in the adjusted index. This year’s 0.5% gain was slightly stronger, suggesting wholesale values held up better than the usual seasonal pattern.
However, the adjusted index should not be confused with the prices dealers actually paid for every vehicle at auction. On a non-adjusted basis, wholesale prices were up just 0.3% from a year earlier and fell 2.3% compared with September.
The difference matters because seasonal adjustments account for the fact that vehicle values normally move in predictable ways during the year. Without those adjustments, the monthly decline was more apparent.
Cox Automotive Chief Economist Jeremy Robb said depreciation accelerated during the summer and early fall before slowing toward the end of October. That moderation helped the market avoid a steeper seasonal decline.
It does not mean used vehicles suddenly became more valuable across every category, but it indicates that the pace of depreciation was becoming less severe.
The year-over-year comparison also needs context. October 2025 was an unusually weak month for wholesale values following the expiration of the federal EV tax credit in September 2025.
Used electric vehicle values fell approximately 3% that October, while non-EV values declined by more than 2%. Because last year’s starting point was relatively low, the October 2026 annual increase looks stronger than it might against a more typical comparison period.
This is one reason dealers should avoid interpreting the 2% increase as evidence that every used vehicle is appreciating. The market is moving differently depending on vehicle type, age, fuel economy, and buyer demand. The headline index captures the broader direction, but individual segments can perform considerably better or worse than the benchmark.
Inventory conditions also provide some explanation for the market’s resilience. Used retail inventory stood at just under 50 days of supply in late October, almost exactly in line with the long-term average for that point in the year.
Wholesale supply ended the month at 28.1 days, up only 0.1 day from a year earlier and down 0.7 days from September. These figures suggest that the market was not facing an unusually large buildup of vehicles waiting to be sold.
Electric Vehicle Values Outperform Gasoline-Powered Models
The most striking result in October was the difference between electric and non-electric wholesale values. The Manheim EV Index increased 6.6% year over year, substantially outperforming the 1.1% increase recorded by the Non-EV Index.
On a monthly basis, electric vehicles showed weaker results, with their values dropping 0.9% from September. Non-electric vehicles moved in the opposite direction, recording a 0.4% increase over the same period.
This distinction is important. The annual figures show that used EV values were considerably stronger than they were a year earlier, but the monthly decline indicates that prices were still under pressure during October. The data therefore points to relative strength rather than a broad return to rising EV prices.
Fuel costs appear to be one factor supporting electric vehicle demand. Cox Automotive said elevated gasoline prices helped EV values remain substantially higher year over year, even as the supply of used electric vehicles coming off lease increased.
When filling a gasoline-powered vehicle becomes more expensive, shoppers may give greater consideration to models that can reduce their fuel expenses, provided charging access and purchase prices fit their needs.
The growing supply of off-lease electric vehicles is another important part of the picture. More vehicles returning from leases can give used-car dealers additional inventory to sell, but greater availability can also put pressure on prices if demand does not increase at the same pace.
Cox Automotive’s October analysis indicates that EV values remained comparatively strong despite this expanding supply.
The earlier third-quarter report provides further context. Wholesale EV sales at Manheim increased 45% year over year in the third quarter and represented a record 4.9% of all Manheim transactions, compared with 3.9% in the second quarter.
Used retail EV sales reached approximately 124,000 units during the quarter, up 11.4% year over year. That was a record, although EVs still represented only about 2.8% of all used retail sales.
These numbers suggest that electric vehicles still account for a relatively small share of the used-car market, despite growing wholesale activity. Dealers are facing two trends at the same time, with more pre-owned EVs entering the market while buyer demand remains strong enough to keep their values above last year’s levels.
Traditional vehicle categories are not performing equally well either. Cox Automotive reported that light-duty truck values declined 4.3% year over year on a non-adjusted basis in October.
That was a considerably weaker result than the 0.3% increase recorded across the wholesale market on the same basis. Compact cars also showed relative strength, while luxury vehicles, pickups, and SUVs continued to trend downward.
For dealers, this creates a more complicated buying environment. A pickup or large SUV that looks attractive based on its previous resale performance may now carry greater depreciation risk than a compact car or a well-priced electric vehicle.
At the same time, the EV figures should not encourage dealers to assume every electric model will retain value equally well. The Manheim index measures broad category movements, not the resale performance of individual makes, models, battery configurations, or mileage bands.
What October’s Wholesale Trends Mean for Dealers and Buyers
Wholesale prices matter because they influence how much dealerships pay to acquire used vehicles. When auction values rise, dealers may face higher costs when replenishing inventory. Those costs can eventually affect retail asking prices, although the relationship is not immediate or identical for every vehicle.
Kelley Blue Book noted that retail used-car prices typically follow wholesale market movements by approximately six to eight weeks. If wholesale values continue to strengthen, shoppers could see some of that pressure reach dealership listings toward the end of December or early 2027.
However, that is a potential consequence, not a guarantee. Retail pricing also depends on local inventory, vehicle condition, competition, financing costs, and how quickly a particular model sells.
The latest Manheim figures also show why dealers need to pay attention to individual vehicle age and auction performance. The Manheim Market Report price for its Three-Year-Old Index declined 2.8% during October.
That was a smaller drop than the typical 3.1% depreciation recorded for the month. In other words, three-year-old vehicles continued to lose value, but at a slightly slower pace than the historical October pattern.
Two additional indicators offer insight into auction conditions. Manheim Market Report retention averaged 99% in October, unchanged from a year earlier but down 0.3 percentage points from September.
Sales conversion reached 54.2%, a decrease of 0.2 percentage points from September and 0.1 percentage point below the most recent three-year October average. These measures help dealers assess how asking prices compare with market activity and how effectively vehicles are selling at auction.
Consumers may also feel the effects differently depending on what they are shopping for. Buyers looking for a used EV could encounter a market where values are stronger than a year ago, even though prices declined slightly during October.
Those considering pickups or large SUVs may find that weaker wholesale trends create opportunities for negotiation, particularly when a dealer needs to move aging inventory. Actual discounts will vary by model, mileage, and local demand.
Dealers, meanwhile, must balance acquisition costs against the risk of holding inventory too long. Buying vehicles at prices based on outdated market expectations can reduce margins if values continue falling.
The relatively stable supply figures provide some reassurance, but they do not remove the need for careful pricing and inventory management.
Cox Automotive’s next monthly Manheim index release is scheduled for December 7, 2026, giving the industry another opportunity to assess whether October’s resilience continues into the holiday season.
For now, the 206.8 reading points to a wholesale market that is holding up better than it did a year ago, but not one moving uniformly higher. Electric vehicles are outperforming many traditional categories on an annual basis, while trucks, SUVs, and luxury vehicles face softer conditions.
The direction of prices in the coming months will depend on consumer demand, fuel costs, inventory availability and how dealers respond to changing auction values.
