The wholesale market for used vehicles in the United States has shown notable price increases in March 2026, with electric vehicles (EVs) leading the charge. According to the latest Manheim Used Vehicle Value Index (MUVVI), wholesale used-vehicle prices rose by 6.2% compared to March 2025, marking a continued upward trend driven by strong consumer demand and rising fuel costs.
The MUVVI reached 215.3 in March, reflecting a 1.4% increase from February. This growth contrasts with the typical flat price movement usually seen in March. Non-adjusted wholesale prices were also up, increasing by 5.7% year-over-year and 4.2% month-over-month. Industry experts attribute this rise to higher tax refunds encouraging buyers and an ongoing supply-demand imbalance in the used vehicle market.
Electric vehicles have seen particularly strong performance, with the EV Index up 7.9% year-over-year and a 3.7% increase since February. This surge comes despite more off-lease EVs returning to the market, which has increased EV inventory to a record weighting of 3.9% in the MUVVI data for March. Dealers are responding to rising gasoline prices, which have climbed above $4.00 per gallon, by stocking more used EVs anticipating heightened consumer interest.
Sales conversion rates at auctions have also improved significantly, reaching 68.2% in March, well above the recent three-year average for this period. This metric indicates that dealers are successfully selling a higher share of vehicles available at auction, pointing to robust demand across multiple vehicle segments. Luxury and midsize cars have led year-over-year price gains, while compact cars showed weaker growth.
Supply levels remain relatively tight, with wholesale days’ supply at 24.5 days—slightly higher than last year but lower than February’s figure. Rental vehicle prices have also risen, climbing 7.5% year-over-year due to factors such as reduced average mileage on rental fleets.
Economists from Cox Automotive note that the usual spring price surge at Manheim may extend longer than normal this year due to ongoing strong demand fueled by tax refund season and higher fuel prices. Although geopolitical tensions in the Middle East were expected to impact prices, their effect has yet to materialize significantly.
Overall, the used vehicle market is experiencing healthy demand and steady price growth, especially for electric vehicles. As more consumers consider cost-saving alternatives amid rising gas prices, used EVs are becoming an increasingly attractive option for buyers entering the market this spring.
