Used-Car Values Firm Up in Mid-October: Manheim Index at 207.4, Up 2.2% Year Over Year

Wholesale used-vehicle values firmed in early October after a September that depreciated faster than normal, Cox Automotive reported. The Manheim Used Vehicle Value Index rose 0.7% to 207.4 through mid-month and now sits 2.2% above October 2025, rebounding after the softening seen in the third quarter.

The honest read from Cox’s Jonathan Gregory: the year-over-year gain flatters the picture because last October was unusually weak — a low base boosting the annual figure. Non-adjusted wholesale prices still fell 2% in the first half of October, a pace the month typically brings. And the firmness comes from supply, not demand: wholesale days’ supply fell from 28.7 to 28.2 days while dealer sales conversion stayed roughly flat. Leaner inventory, not stronger buying, is holding values up.

The segment mix is shifting. EVs outperformed all year on demand for fuel-efficient vehicles, but so far this month non-EV values rose 0.7% while EVs slipped 0.7% — though EVs remain up 6.8% year over year as more off-lease EVs reach the market. Compact cars are up 5.6%, midsize cars turned positive, luxury has slipped slightly below last year after a strong first half, and pickups remain soft. For buyers, the message is mixed: firmer wholesale values don’t mean retail prices are climbing — but the easy deals of early autumn may be thinning.