The Manheim Used Vehicle Value Index (MUVVI) fell to 202.9 in October, marking a 2.0% drop in wholesale used-vehicle prices from September, with values remaining largely unchanged year over year. Historically, October sees slight gains, so this decline stands out amid seasonal softness. Non-adjusted prices fell 3.7% but are still 0.2% higher than a year ago. Jeremy Robb, Deputy Chief Economist at Cox Automotive, described October as a “spooky” month for wholesale markets, noting it typically brings the year’s highest depreciation as dealers slow activity ahead of winter and new model year (MY26) inventory rises. He added that stronger used retail sales later in the month tightened inventory and slowed depreciation, and with solid demand, tighter supply, and the potential for higher consumer tax refunds next year, depreciation could ease for the remainder of Q4.

MMR prices for three-year-old vehicles declined 2.3%, slightly less than the typical 2.5% drop, while retention held steady at 99.0% and sales conversion dipped to 54.9%, still above the three-year average. Luxury vehicles continued to outperform, aided by strong EV prices, while compact and mid-size cars saw the sharpest declines. EV values fell 3.0% month over month but rose 3.9% year over year, whereas non-EV values slipped 2.2% and are down 0.1% year over year, reflecting ongoing volatility from changing incentives and demand. Wholesale days’ supply rose to 28 days, two more than in September but still below the 30-day average, suggesting inventory remains tight even as the market enters a seasonally slower period.