DETROIT — Prices for used vehicles continued to climb in March as supply remained tight and demand held steady, according to data released by Cox Automotive.
Cox Automotive said its Manheim Used Vehicle Value Index, which tracks prices at U.S. wholesale auctions, rose 6.2% last month compared with a year earlier. The index reached its highest level since the summer of 2023, the company said.
Despite geopolitical tensions and higher fuel costs, demand for used vehicles has remained resilient, according to Cox Automotive.
“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,” Jeremy Robb, chief economist at Cox Automotive, said in a statement.
Supply constraints continued to support higher prices. Cox Automotive reported that days’ supply of used vehicles fell below 40 days in March, the lowest level so far in 2026 and down from a year earlier.
Modest Rise in Retail Prices
Retail prices, which typically follow wholesale trends, are expected to rise modestly. Cox Automotive said it forecasts used-vehicle prices will increase about 2% this year. The average listed price for a used vehicle was $25,287 as of February, compared with more than $49,100 for a new vehicle.
Stronger-than-expected demand prompted Cox Automotive to slightly raise its 2026 forecast for used-vehicle sales to 20.4 million units, up from 20.3 million. However, the company expects softer sales in the second half of the year, with total annual sales projected to decline about 1% from 2025 levels.
Pushing People to Used Vehicles
“Stronger retail demand continues to be supported by new-vehicle affordability pressures that are pushing consumers toward used vehicles, while lower new-vehicle sales are constraining trade-in volumes and limiting supply into the used market,” Cox Automotive said.
The majority of U.S. consumers purchase used vehicles, largely because they are more affordable than new models, Cox Automotive said. The new-vehicle market is expected to reach about 15.8 million units this year.
