Used Vehicle Prices Cool Off as Buyers Turn to Older Cars, but EVs Still Shine

The surge in used vehicle prices is finally losing steam, according to the latest Manheim Used Vehicle Value Index. Shoppers are increasingly opting for older, more affordable cars, which is easing the upward pressure on values. This shift suggests a market that is slowly returning to a more normal balance after years of turbulence.

Even as the overall market cools, electric vehicles continue to outperform. A wave of EVs coming off lease is hitting the used market, yet they remain in strong demand. That resilience highlights a growing acceptance of electric models among used-car buyers.

While the slowdown in price increases may bring some relief to consumers, the used market is still far from pre-pandemic norms. With inventory levels improving and shopper preferences evolving, the coming months will reveal whether this cooling trend is here to stay.