FX.co ★ US Used-Vehicle Prices Hit 2023 Highs

Wholesale used-vehicle prices in the US rose 1.4% month over month in March 2026, marking the fifth consecutive monthly increase and lifting the Manheim Used Vehicle Value Index to 215.3—its highest reading since the summer of 2023. On a year-over-year basis, prices jumped 6.2%.

Jeremy Robb, chief economist at Cox Automotive, attributed the continued strength to solid consumer demand supported by higher tax refunds and constrained inventory levels, despite earlier concerns about potential fallout from the Middle East conflict. Cox also reported that sales conversion rates remained above normal throughout the first quarter, indicating strong purchasing appetite among dealers.

Wholesale prices for electric vehicles (EVs) are climbing as well, driven by a growing volume of off-lease EVs returning to the market. This trend pushed EVs’ share of the Manheim index to a record 3.9% in March. Dealers appear to be increasing their used EV inventories in anticipation of stronger demand as gasoline prices move above $4.00 per gallon.