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Fewer late-model vehicles for sale, along with heavy demand, is pushing prices higher

April 9, 2026

• Used-car prices rose 6.2% year over year in March, reaching their highest level since summer 2023.
  

• Tight inventory and strong consumer demand are driving sustained price increases.
  

• Cox Automotive expects prices to remain firm through midyear before easing later in 2026.
  

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Consumers often buy a late-model used car because they can be priced thousands of dollars less than a new model. However, the latest data suggest that the gap may be closing at leastat the wholesale level.

Used-vehicle prices surged in the first quarter of 2026, continuing a rebound that has pushed wholesale values to their highest levels in nearly three years, according to Cox Automotives latest Manheim Used Vehicle Value Index (MUVVI) report.

The index rose to 215.3 in March, up 6.2% from a year earlier and marking the fifth consecutive month of gains. Prices also increased 1.4% month over month, reflecting what Cox described as a stronger-than-normal spring market.

Supply and demand

Cox Automotive said the gains were driven largely by robust demand and limited supply. Inventory levels tightened throughout the quarter, with days supply falling below 40 days in March one of the lowest readings this year as vehicles sold quickly at auction and on dealer lots.

At the same time, high new-car prices averaging above $49,000 are pushing more consumers into the used market, further boosting demand. However, slower new-vehicle sales have reduced the number of trade-ins, exacerbating the shortage of used vehicles.

Used-vehicle demand is healthy and inventory levels are relatively tight, Cox Automotive Chief Economist Jeremy Robb said in the report, noting that dealer competition at auctions has intensified and sales conversion rates have risen above recent averages.

Demand forused EVs

The first quarter also showed strength in specific segments, including used electric vehicles, where increased off-lease supply and relative affordability compared to new EVs supported pricing and activity.

Retail sales reflected the same momentum, rising about 2% year over year in the first quarter, even as overall supply remained constrained.

Looking ahead, Cox Automotive expects the used-car market to remain near current levels in the near term. Prices are likely to hold steady through the spring and early summer, supported by tax refund season and ongoing demand. However, the company suggests the market may be more favorable for buyers in the second half of the year.

It’s an odd time to be shopping for an electric car. The $7,500 federal EV tax credit expired on September 30, 2025, and nothing replaced it. New EV sales dropped 28% in the first quarter of 2026.
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