Manheim (div. Cox Automotive)’s Used Vehicle Value Index increased to 208.5 in June, indicating wholesale prices grew 6.3% year-over-year and were up 1.6% from May. Analysts say post-pandemic and tariff-induced volatility have been offset by continued demand for quality pre-owned units.

“Historically, the used market has been incredibly consistent; but the pandemic disrupted much of that consistency, and starting in mid-2020, we saw much more volatility than we’d normally expect,” Cox’s chief economist, Jonathan Smoke, writes in a release. “What we are seeing in the Manheim Index over the course of the first half of this year suggests we could finally be out of that pattern.”

Smoke notes the “real change” has come from the supply side, not the demand side. The report finds that, absent a seasonal adjustment, used car values actually decreased by 1.1% from the prior month.

“With the acceleration of the new-vehicle market in early Q2, an uptick in trade-ins naturally followed, increasing used inventory,” Smoke writes. “The change in supply-side dynamics is driving the return to normal for the used-vehicle market, and this stability is what we expect to see in the second half of 2025.”

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