Used Vehicle Wholesale Prices Reach Highest Since Summer 2023, Cox Report Shows

Wholesale prices of used vehicles in the US last month hit the highest point since summer 2023, led by electric vehicles, as demand remained robust despite the ongoing Middle East conflict, Cox Automotive said Tuesday.The Manheim used vehicle value index, or MUVVI, reached 215.3 in March, up 1.4% sequentially and 6.2% annually."As soon as this year began, prices at Manheim started moving higher as dealers anticipated strong demand from higher tax refunds to consumers," Cox Chief Economist Jeremy Robb said. "We thought we'd see some impact from the Middle East conflict, and that may still happen. But right now, the data is clear: used-vehicle demand is healthy and inventory levels are relatively tight."The ongoing US-Israel war with Iran, which started at the end of February, has curtailed shipments through the crucial Strait of Hormuz, sending energy prices surging.Used EV prices rose 7.9% annually and 3.7% from February, while the non-EV measure increased 6% and 1.8%, respectively, according to the Cox report."EV prices at wholesale are rising just as higher off-lease maturities for electric vehicles return to the market, pushing EV weighting to a record 3.9% in the MUVVI data for March," Robb said. "We expect dealers are anticipating increased interest for used EVs as gas prices have now risen above $4 per gallon and are stocking up on EV inventory."In terms of vehicle segments, the luxury component continues to outperform the overall market, while compact cars and trucks are still seeing "relatively weak" price growth on an annual basis, according to the report.For 2026, Cox maintained its outlook for used vehicle sales to drop 1% year over year. However, it upgraded its full-year retail sales estimate to 20.4 million units from 20.3 million."As we move towards summer, we expect Manheim values to hold their ground, with many more consumers yet to file their tax returns this year," Robb said. "The Middle East conflict could dampen the spirits of the US consumer, but we just haven't seen it yet -- our data is showing resiliency in the economy."

-- Wholesale prices of used vehicles in the US last month hit the highest point since summer 2023, led by electric vehicles, as demand remained robust despite the ongoing Middle East conflict, Cox Automotive said Tuesday.

The Manheim used vehicle value index, or MUVVI, reached 215.3 in March, up 1.4% sequentially and 6.2% annually.

"As soon as this year began, prices at Manheim started moving higher as dealers anticipated strong demand from higher tax refunds to consumers," Cox Chief Economist Jeremy Robb said. "We thought we'd see some impact from the Middle East conflict, and that may still happen. But right now, the data is clear: used-vehicle demand is healthy and inventory levels are relatively tight."

The ongoing US-Israel war with Iran, which started at the end of February, has curtailed shipments through the crucial Strait of Hormuz, sending energy prices surging.

Used EV prices rose 7.9% annually and 3.7% from February, while the non-EV measure increased 6% and 1.8%, respectively, according to the Cox report.

"EV prices at wholesale are rising just as higher off-lease maturities for electric vehicles return to the market, pushing EV weighting to a record 3.9% in the MUVVI data for March," Robb said. "We expect dealers are anticipating increased interest for used EVs as gas prices have now risen above $4 per gallon and are stocking up on EV inventory."

In terms of vehicle segments, the luxury component continues to outperform the overall market, while compact cars and trucks are still seeing "relatively weak" price growth on an annual basis, according to the report.

For 2026, Cox maintained its outlook for used vehicle sales to drop 1% year over year. However, it upgraded its full-year retail sales estimate to 20.4 million units from 20.3 million.

"As we move towards summer, we expect Manheim values to hold their ground, with many more consumers yet to file their tax returns this year," Robb said. "The Middle East conflict could dampen the spirits of the US consumer, but we just haven't seen it yet -- our data is showing resiliency in the economy."