Used-vehicle prices are on the rise as U.S. trade tariffs disrupt the overall automotive market.
Prices increased in April at almost double the normal spring rate, according to vehicle data provider Carfax, which said used-vehicle sales more than doubled year-over-year.
Used prices rose nationally and in all segments, Carfax found. Pickup trucks and luxury SUVs saw the biggest price increases in April, surging $660 and $600 on Carfax’s website, respectively, according to its data.
Other used segments rose at much slower rates: an average of about $250 for SUVs, hybrids and electric models, $200 for luxury cars and $160 for vans and minivans, Carfax said.
It cited forecasts by its parent company, S&P Global Mobility, cutting North American new-vehicle production outlook for both this year and next for the biggest drops since the Covid pandemic.
Compounding the supply issues, S&P also sees consumers continuing to buy new while existing inventory can be had at lower prices. Used vehicles are the next logical source of more affordable stock.
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