Used vehicle prices jump to highest level since 2023 amid auto tariffs

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Used vehicle prices jump to highest level since 2023 amid auto tariffs

A Ford mustang is seen at a used car dealership in Montebello, California on May 5, 2025.

Frederic J. Brown | AFP | Getty Images

DETROIT — A closely watched barometer for used vehicle pricing jumped last month to its highest level since October 2023 as consumers rushed purchases amid fears of price hikes due to auto tariffs.

Cox Automotive’s

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— which tracks prices of used vehicles sold at its U.S. wholesale auctions — increased 4.9% last month compared with a year earlier to a level of 208.2.

It also marked a 2.7% increase from March. That’s a significant increase compared with a historically typical month-to-month index move of 0.2%, according to the auto data and logistics firm.

“The ‘spring bounce’ normally ends the second week of April, but this year, wholesale appreciation trends continued for the entire month and were much stronger than we typically observe,” said Jeremy Robb, Cox Automotive senior director of economic and industry insights. “We expected to see strong price appreciation in response to the tariffs, and that’s exactly what came.”

While the tariffs of 25% on new imported vehicles and many parts do not directly impact used car sales, changes in new vehicle prices, production and demand affect the used car market, which is how the majority of Americans purchase a vehicle.

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

Cox reports retail used-vehicle sales in April were down 1.7% compared with March but higher year over year by 13%. Over the last four weeks, the average retail listing price for a used vehicle increased by 2% to more than $25,000, Cox said.. That

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at nearly $48,000.

The Manheim index remains off the record highs it hit during the Covid pandemic but is still relatively high compared to historic levels before the onset of the global health crisis in 2020.

Cox previously said it was seeing used vehicle prices continue to stabilize after swinging wildly for several years before starting to calm down in 2024.

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