Wholesale used-vehicle values fell 1.4% in July

What the final July index shows

Cox Automotive's August 7 report puts the final July Manheim Used Vehicle Value Index at 210. The measure declined 1.4% from June after Cox adjusted for vehicle mix, mileage, and normal seasonal patterns, but remained 1.3% above July 2025. Cox says the long-term average adjusted move for July is a 0.4% increase.

Unadjusted wholesale prices fell 2.6% from June and were 1.7% higher than a year earlier. Cox says July's long-term average unadjusted decline is 0.7%, so the month's decline was steeper than that historical pattern. These are attributed industry data, not government statistics or a forecast of future prices.

Wholesale conditions differed by segment

Cox reports that its EV index was 10.5% above a year earlier and 2.1% below June, while its non-EV index was 0.4% above a year earlier and 1.1% below June. Those changes apply to the vehicles represented in Manheim's wholesale data and should not be generalized to every model or battery condition.

Wholesale days of supply ended July at 28, up 0.9 days from June and 1.7 days from a year earlier. Cox describes that level as within seasonal norms and says growing off-lease volume is adding late-model supply, but that interpretation does not guarantee future retail availability or prices.

Wholesale, retail, and appraisal values are different

The Manheim index tracks vehicles sold through wholesale channels and is designed to show market movement after adjustments. It does not report the price a consumer paid at a dealership or in a private sale, and it cannot value one vehicle.

BLS reported separately that its used-cars-and-trucks consumer price index fell 0.2% from May to June after seasonal adjustment and 1.8% from June 2025. That retail consumer measure covers an earlier period and uses a different market and method, so it should not be substituted for Cox's July wholesale benchmark.

What buyers and sellers can do

• Compare current local listings and recent transactions for the same model year, trim, mileage range, condition, and title history.
• For a used purchase, obtain a vehicle history report and arrange an independent pre-purchase inspection.
• For a sale, document maintenance, condition, equipment, and known defects instead of pricing from a national index alone.
• Use the final July result as a market signal, not a prediction that local retail or private-sale prices will move by the same amount.