Summary
Wholesale used-vehicle prices ticked up in November, suggesting depreciation is stabilizing into year-end. The Manheim Used Vehicle Value Index rose 1.3% month over month on a seasonally adjusted basis to 205.4, running counter to typical November declines and leaving values essentially flat versus November 2024. Strength was concentrated in luxury and electric vehicles, while smaller car segments lagged.
Key numbers
- Seasonally adjusted Index: 205.4 (+1.3% m/m), roughly flat y/y.
- Non-adjusted prices: −0.3% m/m; flat y/y.
- Typical November pattern: −0.6% (long-term average), so November outperformed seasonality.
- Days’ supply: 30.1 (up 2.2 days from October).
Segment performance
- Luxury: +2.9% y/y.
- Electric vehicles (EVs): +6.1% y/y; Manheim EV Index: +2.3% m/m, +6.1% y/y.
- Non-EV Index: +1.3% m/m, −0.1% y/y.
- Compact cars: −6.8% y/y; midsize: −4.5% y/y; pickups: −2.6% y/y; SUVs: −1.6% y/y.
Demand, financing, and auctions
- Sales conversion rates improved, pointing to slightly stronger demand at auction.
- Easing interest rates and lower APRs began to support retail activity late in the month; Cox Automotive noted early signs of consumer confidence recovery.
- Jeremy Robb cited the end of what he called the longest government shutdown on record as a supportive backdrop.
Reported drivers and claims
- The article reports that lower APRs helped lift retail sales, reflected in the index results.
- The article reports that the expiration of a federal EV tax credit and leasing opportunities supported price gains in EV and luxury segments.
- The article reports that changes in federal incentives and leasing economics contributed to the EV outperformance.
- The article reports that lower tax withholding rates could bolster consumer confidence in 2026, aiding retail demand.
- The article reports that dealers should closely monitor inventory and pricing—especially for EVs and luxury—given their stronger momentum.
Methodology context
The overall index adjusts for vehicle mix, mileage, and seasonal patterns. That helps explain why the adjusted index rose while non-adjusted prices edged down: mix shifts (for example, more higher-priced sales) can lift the adjusted measure even as raw prices soften.
Supply backdrop
Wholesale supply increased modestly but remained manageable. Although rising supply can pressure prices, stronger sales conversion suggested buyers were stepping in—particularly for EVs and luxury models.
Market read and outlook
Year over year, overall stability indicates post-pandemic depreciation has cooled, with performance increasingly segmented. Cox Automotive expects additional tailwinds ahead if financing costs continue to ease. December’s index and auction activity will show whether November’s firming holds through the holidays and into Q1.
