Used car prices hit their highest level in nearly 3 years as wholesale

Used car prices hit their highest level in nearly 3 years as wholesale

American shoppers who’re in the marketplace for used vehicles are going through the highest prices in nearly three years, according to a new report.

Wholesale prices for used autos rose to their highest level since the summer season of 2023 in March, with the Manheim Used Vehicle Value Index rising 6.2% 12 months over 12 months to a studying of 215.3.

Data from Manheim, a Cox Automotive model and the largest wholesale market in the US, discovered that demand for used autos stays strong.

Values rose 1.4% in the month of March, which the report famous is properly above long-term norms, and are up 2.3% from the start of 2026.

“As soon as this year began, prices at Manheim started moving higher as dealers anticipated strong demand from higher tax refunds to consumers,” said Jeremy Robb, chief economist at Cox Automotive.

“Sales conversion rates, a clear sign of demand, were higher against 2025 for every week but one in Q1, and vehicle value trends at auction show we are well ahead of last year and where we would normally be during a spring bounce in the wholesale markets,” Robb added. 

(*3*) he added.

The Manheim report discovered that purchaser exercise was strengthening and there was elevated competitors for the out there stock in the wholesale lanes, as the sales conversion charge rose to 68.2% in March.

That’s 4.6 proportion factors increased than the most current three-year common for March and is up 5.5 proportion factors from the revised-higher February charge of 62.7%.

American shoppers who’re in search of used vehicles on the market should pay high prices that haven’t been seen in nearly 3 years. Getty Images

Used electrical autos (EVs) also confirmed strength in the first quarter with agency pricing and exercise for the quarter as values rose alongside the seasonal improve. 

It famous that used EVs supply shoppers affordability benefits over new EVs, while there’s also an growing move of off-lease EVs getting into wholesale channels.

Retail used car sales also confirmed momentum, with first quarter sales up about 2% in contrast with the same level a 12 months in the past.

Inventory also tightened, with the days’ provide metric declining below 40 in March, which was the lowest point this 12 months and down from a 12 months in the past.

Data from the Manheim Used Vehicle Value Index reveals a 6.2% 12 months to 12 months improve in used autos, making this 12 months the most costly to buy used vehicles since the summer season of 2023. Getty Images

Cox Automotive’s outlook for 2026 sees used autos persevering with a stronger-than-expected start to the 12 months, before being offset by a softer second half of 2026 with complete used car sales declining 1% 12 months over 12 months.

“As we move towards summer, we expect Manheim values to hold their ground with many more consumers yet to file their tax returns this year,” Robb said.

“The end of March typically proves to be the ‘peak’ for price action at Manheim. The Middle East conflict could dampen the spirits of the U.S. consumer, but we just haven’t seen it yet – our data is showing resiliency in the economy,” Robb said.

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