Market update
Cox: Wholesale used-vehicle values eased in the first half of July
Cox's seasonally adjusted Manheim index fell 0.6% from June in the first 15 days of July while remaining 2% above a year earlier.
Photo by Jakub Żerdzicki · Unsplash License
What the preliminary mid-July index shows
Cox Automotive's July 17 update puts the preliminary Manheim Used Vehicle Value Index at 211.5 for the first 15 days of July. The measure declined 0.6% from June after Cox adjusted for vehicle mix, mileage, and normal seasonal patterns, but remained 2% above July 2025.
Unadjusted wholesale prices fell 1.9% from June and were 2.4% higher than a year earlier. Cox notes that July's long-term average unadjusted decline is 0.7% for the full month, so the mid-month reading showed faster early-July depreciation than that historical full-month pattern. The result was preliminary and could change in the final monthly release.
Wholesale conditions differed by segment
Cox reports that its EV index was 12.4% above a year earlier and 0.4% below June, while its non-EV index was 1.1% above a year earlier and 0.5% 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 reached 28 by July 15, about 1.5 days above a year earlier. Cox attributes part of the increase to more off-lease vehicles entering the wholesale market, but the company presents that as industry interpretation rather than a guarantee of future retail supply 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 that its used-cars-and-trucks consumer price index fell 0.2% from May after seasonal adjustment and 1.8% from June 2025. That retail consumer measure covers a different market, period, and method, so it should not be substituted for Cox's mid-month 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.
- Recheck final July data before treating the preliminary mid-month move as a lasting trend.
Primary references
Official sources
MyFavi links to the original agency material so you can verify the details and check for updates.
Cox Automotive and Manheim figures are attributed preliminary industry data and may be revised. The index is a wholesale market benchmark, not a retail quote, appraisal, or prediction of a specific vehicle's future value.