Affordability is the theme in the first half of 2026, according to the latest Manheim Used Vehicle Value Index published today.*
Click to enlarge.
“The first half of the year is officially in the books, and wholesale values finished on solid footing. The Manheim Index closed June up 2.1% against last year and essentially flat on the month, slightly below the typical gain for June. The story of the first half is a strong tax-refund season that pushed values to levels we haven’t seen in a few years, peaking in March before normalizing, leaving the index about 1% off that March high,” said Jonathan Gregory, Senior Director, Cox Automotive.**
“Affordability is the throughline in the first half of 2026. We’ve seen stronger appreciation in older units this year, and the most affordable segments have been among the year’s best performers. The risk we’re watching for the second half is that steep ramp in off-lease supply, EVs especially, which could pressure specific segments even as the headline holds firm. Gas is the swing factor: If pump prices keep falling, some of that EV demand could fade as availability increases,” said Gregory.
“I’d caution against reading too much into the softer year-over-year print: the deceleration from May’s 3.6% to June’s 2.1% is mostly a base effect, as we’re now lapping last June, when values were still climbing on tariff-induced demand.
“The bigger picture remains one of balance. Sales conversion, our clearest read on dealer demand, came in at 57.5%, still 2.6 points above the three-year norm for June even as the rate itself has eased steadily since spring. Days’ supply at wholesale finished June at 26.9 days, a bit above last year but comfortably within seasonal bounds,” said Gregory.
MMR Prices, Retention & Sales Conversion
MMR prices for the Three-Year-Old Index decreased less than the typical amount for this period. MMR retention fell less than is seasonally normal for this time of year, while sales conversion indicates demand remains above usual levels for this time of year, despite softening in recent weeks.
- MMR prices for the Three-Year-Old Index decreased 1.9% in June.
- MMR retention averaged 99.4%, up 0.2 percentage points year over year and down 0.1 percentage points from May.
- Sales conversion was 57.5% for the period, 2.6 percentage points higher than the most recent three-year average for June but down 1.4 percentage points from the May rate.
Segment Performance: Year-Over-Year Price Changes
- Overall market prices were up from a year ago, led by continued EV strength and Luxury while affordable Compact Cars have shown relative strength in the past few months.
- EVs continue to show strong performance, while prices for SUVs and Pickups falter compared to this time last year.
EV versus Non-EV Index
Click to enlarge.
Both EV and Non-EV continue to see elevated prices against this time last year, with EVs showing continued growth even as availability improves, while Non-EVs held essentially steady.
- EVs: The Electric Vehicle (EV) Index was up 12% year over year and up 1.7% from May.
- Non-EVs: The Non-EV Index was up 1.7% year over year and up 0.2% from May.
Wholesale Supply and Rental Prices
Days’ supply in June was elevated against last year, yet remains within seasonal boundaries. Rental values fell against May, while average mileage increased month over month.
- Wholesale supply: At the end of June, wholesale days’ supply rose to 26.9 days, higher by 1.3 days year over year and higher by 0.1 days compared to May.
- Rental prices: Prices for rental vehicles are higher by 1.2% year over year, falling slightly in June, down by 0.1% from May. Rental values on a non-seasonally adjusted basis are 1.3% above 2025’s level but declined 2% in June, while having lower average mileage, down 6.6% against last June.
*AutoInformed on
**About Cox Automotive
Cox Automotive says it is the world’s largest automotive services and technology provider. This results from the largest range of first-party data fed by 2.3 billion online interactions a year. Cox Automotive provides solutions for car shoppers, auto manufacturers, dealers, lenders and fleets. The company has 29,000+ employees on five continents and a portfolio of “industry-leading brands” that include Autotrader®, Kelley Blue Book®, Manheim®, vAuto®, Dealertrack®, NextGear Capital™, CentralDispatch® and Cox Fleet®. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately owned, Atlanta-based company with $23 billion in annual revenue.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
Manheim Used Vehicle Value Index – Affordability Lurks?
Affordability is the theme in the first half of 2026, according to the latest Manheim Used Vehicle Value Index published today.*
Click to enlarge.
“The first half of the year is officially in the books, and wholesale values finished on solid footing. The Manheim Index closed June up 2.1% against last year and essentially flat on the month, slightly below the typical gain for June. The story of the first half is a strong tax-refund season that pushed values to levels we haven’t seen in a few years, peaking in March before normalizing, leaving the index about 1% off that March high,” said Jonathan Gregory, Senior Director, Cox Automotive.**
“Affordability is the throughline in the first half of 2026. We’ve seen stronger appreciation in older units this year, and the most affordable segments have been among the year’s best performers. The risk we’re watching for the second half is that steep ramp in off-lease supply, EVs especially, which could pressure specific segments even as the headline holds firm. Gas is the swing factor: If pump prices keep falling, some of that EV demand could fade as availability increases,” said Gregory.
“I’d caution against reading too much into the softer year-over-year print: the deceleration from May’s 3.6% to June’s 2.1% is mostly a base effect, as we’re now lapping last June, when values were still climbing on tariff-induced demand.
“The bigger picture remains one of balance. Sales conversion, our clearest read on dealer demand, came in at 57.5%, still 2.6 points above the three-year norm for June even as the rate itself has eased steadily since spring. Days’ supply at wholesale finished June at 26.9 days, a bit above last year but comfortably within seasonal bounds,” said Gregory.
MMR Prices, Retention & Sales Conversion
MMR prices for the Three-Year-Old Index decreased less than the typical amount for this period. MMR retention fell less than is seasonally normal for this time of year, while sales conversion indicates demand remains above usual levels for this time of year, despite softening in recent weeks.
Segment Performance: Year-Over-Year Price Changes
EV versus Non-EV Index
Click to enlarge.
Both EV and Non-EV continue to see elevated prices against this time last year, with EVs showing continued growth even as availability improves, while Non-EVs held essentially steady.
Wholesale Supply and Rental Prices
Days’ supply in June was elevated against last year, yet remains within seasonal boundaries. Rental values fell against May, while average mileage increased month over month.
*AutoInformed on
**About Cox Automotive
Cox Automotive says it is the world’s largest automotive services and technology provider. This results from the largest range of first-party data fed by 2.3 billion online interactions a year. Cox Automotive provides solutions for car shoppers, auto manufacturers, dealers, lenders and fleets. The company has 29,000+ employees on five continents and a portfolio of “industry-leading brands” that include Autotrader®, Kelley Blue Book®, Manheim®, vAuto®, Dealertrack®, NextGear Capital™, CentralDispatch® and Cox Fleet®. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately owned, Atlanta-based company with $23 billion in annual revenue.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.