Depreciation in wholesale vehicle values eased in October, and the month ended up being “fairly normal.”

Cox Automotive’s Manheim Used Vehicle Value Index came in at 206.7, which was up 2% year-over-year and up 0.5% from September, when adjusting for mix, mileage and seasonality. Unadjusted, values were up 0.3% from October 2025 and fell 2.3% month-over-month, Cox said.

“Depreciation trends at Manheim were generally in line with long-term averages, with the index holding 2% higher against depressed values last October,” Cox Automotive chief economist Jeremy Robb said in an analysis.

“This year, we saw less-than-normal depreciation trends in the first half of the year, and then declines accelerated over the summer and early fall. As we got towards the end of October, depreciation slowed a little and was fairly normal from a seasonal point of view.”

Over at Black Book, its Used Vehicle Retention index came in at 138.6 for October, down 0.8% month-over-month and off 2.5% year-over-year.

“The Index declined again in October, but the decline was smaller than in September,” said Laura Wehunt, vice president of data & analytics at Black Book, in a release. “Results varied considerably by vehicle type.

“Most car segment values increased, led by near-luxury and prestige luxury cars, while every SUV, pickup, and van segment declined. Full-size crossovers/SUVs and full-size luxury crossovers/SUVs saw some of the largest drops. Full-size pickups also remained under pressure, ending October 8.4% below year-ago levels. Even within the luxury market, trends differed between cars and SUVs,” Wehunt continued.

There was also some variance between electric and non-electric segments. For example, in the Manheim index data, EV values were up 6.6% year-over-year in October. Non-EV segments climbed just 1.1%, Cox data shows.

“In 2025, the EV tax credit ended in September, which made demand stronger for both new and used EVs. When that was over, used EV values fell by 3% in October, and non-EV values fell by over 2%, causing both the index and non-seasonally adjusted values to drop sharply month over month. This year, both categories of vehicles fell on a non-seasonally adjusted basis, but they declined much less than last year,” Robb said.

“Gas prices remain elevated and that has helped EV values stay much higher year over year versus non-EVs, even with the increase in off-lease supply,” he added. “That same trend has also caused light-duty trucks to decline by 4.3% on a non-seasonally adjusted basis year over year, much more than market-wide wholesale prices, which are higher by 0.3%.”