New Cox Automotive projections show used car prices dipping more than previously expected.

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The forecast from the automotive industry data solutions company Wednesday (Oct. 7) comes as consumers continue to exhibit declining sentiment amid high interest rates and gas prices.

Cox says it has lowered the year-end outlook for its Manheim Used Vehicle Value Index, expecting it to finish the year up around 0.2% for 2026, down from the 2% increase it had projected in July. Non-adjusted wholesale used-vehicle prices dipped 1.2% year over year and 1.3% from August as depreciation increased during the third quarter.

“We are in the weakest season for wholesale valuations, and as September closed, depreciation was steeper than we typically see this time of year,” Jeremy Robb, chief economist at Cox Automotive, said in a news release.

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“The first half of the year actually showed more appreciation than usual, even in the face of higher fuel prices. But with the conflict in the Middle East ongoing, diesel prices at record highs, and interest rates climbing rapidly, increasingly worrying both businesses and consumers, wholesale prices have felt the sting.”

As the fourth quarter of the year gets under way, Cox says it is still focusing on those factors, as well as dwindling consumer sentiment.

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