Wholesale used-vehicle values pulled back in the first half of September and remain the live baseline into a quiet Sunday tape. Cox Automotive said the Manheim Used Vehicle Value Index fell to 206.2, a 1% drop from August after mix, mileage, and seasonality adjustments. The index was also 0.4% below September 2025 — the first negative year-over-year comparison of 2026 after a strong first half. Non-adjusted wholesale prices fell 1.1% from August and 1.1% from a year earlier.

Jonathan Gregory, Cox's senior director on the index, said the market has given back the spring tax-refund bounce and is tracking a touch below last year. Compact cars and EVs were the only major segments still above year-ago levels at mid-month, a pattern Cox linked to demand for more fuel-efficient vehicles as gasoline prices rose with Middle East unrest. Even EV values cooled on the month while staying positive year over year.

Supply edged higher to 27.8 days' supply as of Sept. 15, about 2.4 days above last year. Sales conversion softened to 55.8%, down from August and from a year earlier, while MMR retention stayed firm near 99.6%. Soft Friday jobs data and still-elevated Treasury yields leave loan shoppers facing both tighter credit and sticky fuel bills until the next Manheim print.

Backstory: Manheim's wholesale tape often leads retail asking prices by weeks. Shoppers comparing trade-in offers should not assume weekend retail lots have fully marked to the mid-September wholesale dip.

Where to watch: the full monthly MUVVI and Q3 update scheduled for Oct. 7 at 9 a.m. ET.

What we know:
Mid-September MUVVI is 206.2, down 1% month over month and 0.4% year over year. Compact cars and EVs held up better than trucks and SUVs. Next full print is Oct. 7.

What we don't:
How fast retail dealers pass wholesale softness into sticker prices, and whether October's full print deepens the year-over-year decline.