Wholesale used-vehicle prices held steady in August, with the Manheim Used Vehicle Value Index (MUVVI) flat at 207.4, reflecting a 1.7% year-over-year increase. Seasonally adjusted values muted what was a stronger-than-normal gain, as non-adjusted prices rose 1% month over month and 1.8% year over year—well above the long-term average August increase of 0.1%. Tight inventory and strong consumer demand for affordable vehicles continued to support higher-than-expected valuations, particularly for EVs, which have now outperformed the broader market for five consecutive months. EV wholesale values rose 4.6% year over year, compared to 1.4% for non-EVs, with EVs also posting slightly stronger month-over-month gains.

Market dynamics varied by segment: luxury vehicles rose the most year over year (+2.3%), while SUVs gained 1.3%. Trucks (-0.3%), midsize sedans (-2%), and compact cars (-3.5%) underperformed. Compared to July, compact cars (+1.2%), midsize sedans (+0.7%), and SUVs (+0.1%) edged higher, while luxury (-0.8%) and pickups (-0.4%) dipped. Retail used-vehicle sales climbed 9.2% from July and 9% year over year, with days’ supply tightening to 42 from 46. New-vehicle sales also posted strong growth (+6.2% YoY), with fleet sales surging nearly 30% due to rental sector demand. Consumer sentiment remained mixed, with confidence indexes slipping and inflation expectations ticking up, but vehicle purchase plans rising. Meanwhile, rental risk units sold at auction saw higher prices (+4.7% YoY) and slightly lower mileage. Gas prices rose modestly in August but remained lower than a year ago.