Wholesale used-vehicle prices climbed to their highest level since the summer of 2023 in March, according to Cox Automotive’s monthly report released April 7. The Manheim Used Vehicle Value Index (MUVVI) rose to 215.3 — up 6.2% year over year and 1.4% from February, a monthly gain well above long-term norms.
Cox Automotive attributed the increase to a combination of strong consumer demand and tightening inventory. Higher-than-average tax refunds in early 2026 activated pent-up buyer demand, pushing used retail sales approximately 2% above year-ago levels during the first quarter. At the same time, days’ supply fell below 40 in March — the lowest point of the year — putting additional upward pressure on auction prices. Sales conversion at Manheim reached 68.2%, above historical norms, reflecting sustained competition among dealers in the lanes.
All major vehicle segments posted year-over-year gains, with the luxury segment leading the market. Electric vehicles also outperformed, with the EV Index up 7.9% year over year. Retail list prices for popular three-year-old vehicles were running roughly 2% above typical seasonal trends.
For dealers, the data points to a favorable but competitive environment. Strong wholesale values support healthier margins on existing inventory, but acquiring vehicles at auction is becoming costlier. Cox Automotive projects the MUVVI to rise an additional 2% by year-end, consistent with long-term averages, though values are expected to ease as the tax refund season winds down.
