There doesn’t seem to be an October surprise when it comes to wholesale used-vehicle prices.

At least not yet.

Halfway through the month, values are moving according to expectations, Cox Automotive said in analysis around its mid-month Manheim Used Vehicle Value Index.

The company said wholesale prices through Oct. 15 were up 0.3% from September, when adjusting for mix, mileage and seasonality, with the Manheim index coming in at 203.5, a 2.8% decrease from the full month of October 2023.

Unadjusted, values were down 1.7% from September and off 3.5% year-over-year, Cox said.

Typically, wholesale values rise 0.3% month-over-month in October on a seasonally adjusted basis, so this month’s movement is right on par.

“We have maintained the belief that wholesale depreciation will be a bit muted in the future, and that’s what we are seeing in the first 15 days of October,” said Jeremy Robb, who is Cox Automotive’s senior director of economic and insights, in the analysis.

“October typically brings the highest monthly depreciation rates for non-seasonally adjusted values of the year. While values have declined, they are down slightly less than we usually see at this time in the month.”

Another interesting tidbit in October has been conversion rates, which averaged 56.6% in the first half of the month. While that beats pre-pandemic levels of 52.2% in October 2019, it’s off nearly 3 points from September.

This slower buying demand can be attributable in part to the regional impact of hurricanes Helene and Milton, Cox said.

On the supply front, October has shown a slight gain so far.

Cox said wholesale supply as of Oct. 15 was 28 days, up one day from October 2023 and from September.

The end-of-September’s supply (27 days) was flat year-over-year and beat August by one day.