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Used vehicle pricing expected to increase 2% in 2026, a historically stable rate
Ford Mustangs at a used car dealership in Montebello, California, May 5, 2025.
Frederic J. Brown | AFP | Getty Images
DETROIT — Prices of used vehicles are expected to rise this year but at a historically stable rate, according to auto data and insights firm Cox Automotive.
Cox on Thursday forecast that wholesale prices on its Manheim Used Vehicle Value Index will end this year 2% higher than December 2025. The index tracks prices of used vehicles sold at its U.S. wholesale auctions.
This year’s increase would compare with 0.4% increases during each of the past two years following declines of 7% and nearly 15% in 2023 and 2022, respectively, from inflated prices during the Covid-19 pandemic. Used vehicle prices during that time increased at historically high rates of 46.6% in 2021 and 14.2% in 2020.
The overall stability in pricing is a win for potential car buyers. However, used vehicle prices are still higher than they were before the pandemic. Retail prices for consumers traditionally follow changes in wholesale prices, but they have not fallen as quickly as wholesale prices in recent years.
The average index move at the end of each year is an increase of roughly 2%, according to Cox data going back to 1998. That excludes the outlier years of 2021 and 2022.
Pricing will fluctuate month to month due to selling seasonality and other factors. A regular month-to-month move in the index during the year is only 0.2%, Cox said.
“As we move into 2026, a few positive indicators are emerging: New and used auto loan rates have fallen to the lowest level in a year, and consumers will soon see increased tax refunds hit their wallets,” Jeremy Robb, Cox Automotive interim chief economist, said in a statement. “As this plays out, we are expecting to see stronger demand in the auto market as the year gets underway.”
Used vehicle sales year over year are expected to fall by 0.9% to 38.3 million in 2026, according to Cox. That forecast includes 20.3 million used vehicle retail sales, a 0.7% decrease.
HSBC has revealed it stripped out 1.2 billion dollars (£890 million) worth of costs last year after cutting back its senior management team, as it hiked bonuses for staff by 10%.
The global banking giant has been embarking on a sprawling simplification programme that has involved big changes to its structure, in a bid to become more “agile”.
It previously set a target to make 1.5 billion dollars (£1.1 billion) in annual cost reductions by the end of 2026, under the leadership of chief executive Georges Elhedery.
But on Wednesday, the bank revealed that it is expecting to achieve this by the end of June – six months ahead of schedule.
It follows some 1.2 billion dollars (£890 million) worth of cost savings being found during 2025 alone.
Mr Elhedery, who stepped into the top job in 2024, said that a large amount of the savings had come from the “deduplication” of jobs within the group, particularly among more senior positions.
He said this resulted in a net 15% reduction of managing director positions, which has not had any impact on the group’s revenues.
Meanwhile, HSBC revealed that it handed out bonuses worth 3.9 billion dollars (£2.9 billion) to its eligible staff during the year – a 10% increase compared with 2024.
The bank said it ensured its “highest performers had the strongest variable pay outcomes compared to the prior year”.
Mr Elhedery took home a pay packet of £6.6 million in 2025, made up of his salary and benefits, plus an annual bonus and long-term incentive award of about £4.8 million.
HSBC’s pay committee said it intends to grant the chief executive the maximum long-term incentive award worth 600% of his salary, which amounts to £9 million, for 2026-28.
The value will be subject to the bank’s performance over the next three years, and delivered in instalments.
HSBC said it was striving to create a “high-performance culture” where staff are better rewarded for work that boosts the performance of the bank.
Nevertheless, it reported lower earnings for 2025, with its pre-tax profit down about 7% year-on-year to 29.9 billion dollars (£22.1 billion).
This took into account the impact of losses related to its stake in the Chinese Bank of Communications, and restructuring costs from its simplification programme.
Shares in HSBC were up by about 6% in early trading on Wednesday.
Changes announced in the Budget mean all energy bills will see some kind of reduction, but it will vary.
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The Indian government has proposed the Income-tax Rules 2026, making PAN cards mandatory for select high-value transactions. Replacing the 1962 rules, these changes aim to simplify and bring transparency to the tax system. After considering suggestions, the rules are expected to be finalized and implemented by April 1, 2026.
Here’s a detailed look about how PAN cards are used in various financial transactions.
Immovable Property Transactions: PAN will be required for property transactions exceeding Rs 20 lakh, which is up from Rs 10 lakh. It will include purchase, sale, gift, or joint development agreements.
Motor Vehicles Purchase: PAN is now required for motor vehicle purchases exceeding Rs 5 lakh, including two-wheelers that have been exempted so far. Additionally, those who buy premium bikes or expensive cars will need to quote PAN. Meanwhile, tractors are still excluded.
Cash Deposits And Withdrawals: PAN will be required for aggregate cash deposits or withdrawals exceeding Rs 10 lakh in a financial year. As per the existing rules, it is required for cash deposits of more than Rs 50,000 in a day at a bank or post office.
Hotel And Restaurant Payments: It will be required for cash payments exceeding Rs 1 lakh, which is up from Rs 50,000.
Insurances: PAN will be required to initiate account-based relationship with insurance companies, irrespective of the premium account.
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