Used electric vehicles are appreciating in value, likely because of high gas prices and the absence of federal tax credits for purchasing a new EV, according to the July 2026 Manheim Used Vehicle Value Index.
Manheim parent Cox Automotive reported the Manheim Index for July 2026 was 210, a 1.3% increase compared with a year ago. That translates to a seasonally adjusted average price of $19,206 for used vehicles at wholesale, dealer-only auctions, a corresponding increase of 1.3% versus a year ago.
The Manheim Index is a single measure designed to track used-vehicle wholesale price changes, weighted for a changing mix of product segments and mileage, and seasonally adjusted. The index is calculated relative to a starting point where January 1997 equals 100.
Values for electric vehicles outperformed the overall index, according to the report.
“Gas prices reversed course and moved higher again as July went on, after briefly easing in June. That’s kept demand for used EVs firm even as the broader market cools,” Jonathan Gregory, senior director of economic and industry insights at Cox Automotive, said in an Aug. 7 press release announcing the July Manheim Index.
The national average price per gallon of regular unleaded gas was just under $4.10 as of July 30, according to data compiled by AAA. That was an increase of 6.5% vs. a month earlier, or 30% higher than a year ago.
The higher costs of new EVs are likely making used models more attractive, analysts said, particularly since a federal tax credit incentivizing their purchase is no longer available as of Sept. 30, 2025.
For analysis purposes, Cox Automotive split the Manheim Index into EVs and non-EVs. The EV Index for July was 211.6, an increase of 10.5% vs. a year ago. The Non-EV Index was 149.3, an increase of just 0.4%. With some small ups and downs, the Non-EV Index has been pretty flat since mid-2024.
The EV Index only includes battery-electric vehicles, not hybrids or plug-in hybrids.
