Prices of used vehicles are continuing to rise amid relatively tight supplies, according to a closely watched automotive industry barometer.

Cox Automotive’s Manheim Used Vehicle Value Index — which tracks prices of used vehicles sold at its U.S. wholesale auctions — increased 6.2% last month compared with a year earlier. The index also hit its highest level since the summer of 2023, the company said Tuesday.

Demand for used vehicles remains strong despite geopolitical tensions, high gas prices and the Iran war, according to auction data from Manheim.

“We thought we’d see some impact from the Middle East conflict, and that may still happen. But right now, the data is clear: used-vehicle demand is healthy and inventory levels are relatively tight,” Cox Automotive chief economist Jeremy Robb said in a release.

Cox reports days’ supply for used vehicles — a highly important segment for dealers and consumers — fell below 40 days in March. That marks the lowest point in 2026 and is down from year-ago levels.

Retail prices for consumers traditionally follow changes in wholesale prices, but they have not fallen as quickly as wholesale prices in recent years.

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