ATLANTA– Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) were higher in June compared to May, according to the latest Manheim Used Vehicle Value Index (MUVVI).

The index increased to 208.5, representing a 6.3% year-over-year increase and a 1.6% rise above May levels. 

“The seasonal adjustment forced the index higher in the month, as non-seasonally adjusted values fell more than usual following the volatility induced by the tariff announcement,” the company said.

The non-adjusted price in June decreased 1.1% compared to May, which now makes the unadjusted average price higher by 5.1% year over year.

“Wholesale appreciation trends have been more volatile over Q2 as tariffs really impacted new sales and supply, which impacted the used marketplace as well,” Jeremy Robb,  senior director of Economic and Industry Insights at Cox Automotive, said in a statement.  “The Manheim index has generally been rising since last June, and we typically see the strongest changes for the year in the second quarter as the ‘spring bounce’ comes to an end. As we move through the second half of 2025, it’s likely that some of the reported strength in the market tapers, as the year-over-year comparisons are tougher in the back half of the year. 

“Even so, retail sales continue to run a bit hotter than prior years, and off-lease supply into the market is still on a downward path, two factors which should be fairly supportive of higher values as we move onward,” Robb added.

‘Remarkable Stability’

According to Manheim, the used-vehicle market continues to demonstrate remarkable stability and resilience, even as the broader automotive landscape experiences shifts in pricing and supply. While the new-vehicle segment has seen more pronounced swings, the used market has remained consistently strong, the company reported. 

Elevated Depreciation

In June, Manheim Market Report (MMR) values experienced price declines for each week of the month, with the largest weekly decline occurring in the final week, the company said. In that final week, MMR values fell by 0.6%, which was higher than weekly rates earlier in the month. Over the last four weeks, the Three-Year-Old Index decreased an aggregate of 1.3%, which is higher than the typical trendline.

Over the month, daily MMR Retention, which is the average difference in price relative to the current MMR, averaged 99.2%, meaning market prices stayed below MMR values for the month, yet they were higher than May levels, the report stated.

Additional Findings

It also reported:

• The luxury segment led year-over-year price gains
• Used EV values rebounded strongly year over year 
• Retail used-vehicle sales dipped in June, while inventory remained stable