The Manheim Used Vehicle Value Index fell 1.0% during the first 15 days of September to 206.2 and is now 0.4% below September 2025. This marks the first time in 2026 that the year-over-year comparison has turned negative, as the stronger wholesale pricing seen earlier in the year continues to fade. Non-adjusted values were also down 1.1% from August and from a year ago.

Demand showed some signs of softening, with sales conversion declining to 55.8% and wholesale supply increasing to 27.8 days. Compact Cars and EVs were the only major segments with values above last year, potentially benefiting from increased interest in fuel-efficient vehicles as gas prices rise. EV values remained 2.3% higher year over year but declined 1.3% from August, while non-EVs fell 1.3% year over year.

For fleets, the softer wholesale market could put additional pressure on near-term remarketing returns, particularly for Pickups, SUVs, and other larger vehicles. Increasing supply and higher borrowing costs could create further depreciation pressure, making vehicle segment and timing increasingly important when making replacement and disposal decisions.