The Manheim Used Vehicle Value Index dropped 1.6% month over month in April 2026. First monthly decline since October 2025. The headline sounds like relief for buyers across the board. It isn't.
Non-electric used vehicles fell 2.2% from March. The EV index rose 1.4% from March and is up 7.2% year over year, per Cox Automotive's April report. Two markets. Moving in opposite directions. Which one you're shopping determines whether April's data is good news or not.
What Drove the Split
Gas prices rose 47% between late February and April, according to Cox Automotive. The Strait of Hormuz disruptions drove it. By April, the national average was above $4.50 — the highest point of the year.
When gas spikes that fast, buyers move. Demand for used EVs and hybrids picked up at Manheim auctions in March and April. That demand absorbed available EV inventory and held values firm, even as the broader market softened.
Separately, the tax refund season — which drove unusually strong demand in January through March — faded in April. That seasonal demand was propping up ICE-segment prices. When it dried up, non-EV prices gave back some of those gains.
The result: the March peak of 215.3 on the overall index came down to 211.9 in April, but that overall number is a blend of EVs holding up and gas cars softening, not a uniform decline.
Where Gas Car Prices Are Landing
Non-EVs are still up 1.1% year over year, so this isn't a collapse. A 2.2% monthly pullback after six months of gains is a correction, not a crash.
The segments showing the most softening, per Manheim: midsize cars and midsize SUVs. Luxury held better. Trucks have stayed stubbornly high — supply in that category hasn't caught up with demand, even as buyers pull back on price.
Wholesale prices lead retail by roughly four to six weeks. Dealers absorb the wholesale drop, then reprice their lots. That means buyers shopping gas-powered sedans and SUVs in June and July should start seeing looser prices than they've seen all year.
Where EV Prices Are Landing
The "EVs are rising" story has a major caveat: it's not uniform across brands.
Tesla prices are rising. The Model S and Model X were discontinued in Q2 2026. Tesla raised their remaining inventory prices by $15,000 each before production ended, and the used market followed. A 2022 Tesla Model S lists for $34,299 to $85,800 on CarScout today, depending on spec. A 2022 Model X runs $37,997 to $80,500. Those ranges reflect rising demand for what is now an end-of-production vehicle.
Non-Tesla EVs are a different story. Prices for the Chevy Bolt, VW ID.4, and Hyundai Ioniq 5 have slipped in the mid-single digits since late 2025, per Recurrent Auto's Q1 2026 market report. The average listing for a used Chevy Bolt EV is $15,776, per Cox Automotive — roughly half what these cars cost new.
| Vehicle | CarScout Listings (May 2026) | Price Range |
|---|---|---|
| 2023 Chevy Bolt | 62 | $13,140–$26,890 |
| 2022 VW ID.4 | 111 | $15,988–$25,340 |
| 2023 VW ID.4 | 815 | $13,299–$39,995 |
| 2022 Hyundai Ioniq 5 | 35 | $11,832–$31,999 |
| 2023 Hyundai Ioniq 5 | 368 | $17,000–$40,710 |
| 2022 Tesla Model S | 223 | $34,299–$85,800 |
| 2022 Tesla Model X | 332 | $37,997–$80,500 |
The non-Tesla EV market right now: broad inventory, low floor prices, and demand that's growing but not yet outpacing supply. That's the window.
What Each Buyer Should Do Now
If you're shopping for a gas car: April is the start of your window. Non-EV wholesale prices fell 2.2% from March. That drop hits retail lots in June and July. If you can wait four to six weeks, you'll likely negotiate more successfully than you can today — especially on midsize sedans and SUVs.
If you're shopping for a non-Tesla EV: Don't wait. The rising gas prices that softened ICE demand are also increasing EV demand. That demand hasn't yet overwhelmed non-Tesla EV supply, but it's building. A 2023 Bolt or 2022 Ioniq 5 at current prices is the trade, not the post-June retail softening.
If you're shopping for a Tesla: Prices are up. The Model S and Model X are gone. The Model 3 and Model Y remain, but values there are rising too — up roughly 4% per Recurrent Auto's Q1 data. If you want a Tesla, you're paying a premium that isn't going away.
CarScout's market pages track current listing prices by model and year, updated daily, so you can see exactly where prices sit before you walk into a negotiation.
FAQ
Will used gas car prices keep falling through 2026? The April 2026 Manheim data shows non-EV wholesale prices down 2.2% from March, with Cox Automotive citing fading tax-season demand as the driver. Whether the decline continues depends on whether tariff effects push more new-car buyers into the used market. If new car prices stay elevated due to ongoing tariffs, that demand pressure could limit further used price declines.
Is now a good time to buy a used non-Tesla EV? The data says yes. Non-Tesla EVs like the Chevy Bolt (averaging $15,776 per Cox Automotive), the VW ID.4, and the Hyundai Ioniq 5 have seen prices slip in the mid-single digits since late 2025 while gas prices push more buyers toward EVs. Supply still exceeds demand in this category, but that balance is tightening as gas stays above $4.50.
Why are Tesla used prices rising while other EVs are getting cheaper? The Tesla Model S and Model X were discontinued in Q2 2026, with Tesla raising remaining inventory prices by $15,000 each before production ended. That drove a run on both new and used inventory. The Model 3 and Model Y are unaffected by the discontinuation but benefited from the halo demand. Non-Tesla EVs don't carry that brand or scarcity premium, so their prices are moving with supply and demand fundamentals instead.
Track current used EV and gas car prices by year and trim at CarScout's market pages.