Retail prices of used vehicles are rising considerably faster than wholesale prices, with the gap between them approaching $15,000.

That’s according to J.D. Power’s Used Market Update for October, which found the difference between wholesale and retail used-car prices has moved northward for much of 2025, reaching $14,747 in September.

As recently as 2021, the gap between wholesale and retail was only a bit more than $9,000, the data shows.

“The widening gap between retail and wholesale gains highlights a stable but margin-supportive environment, with retail performance outpacing upstream movement in the lanes,” J.D. Power said in the report.

Here’s how the numbers break down.

Average used-car retail prices rose nearly $1,000 (or 3.4%) year-over-year last month, coming in at $30,016.

This spike is likely indicative of “pricing strength supported by demand and continued tighter supply,” the company said.

Retail used prices climbed $340 (or 1.1%) from August, continuing what has been a consistent month-by-month increase throughout 2025, underscoring that “even amid affordability constraints, demand remains sufficient to sustain firm pricing through the third quarter,” the firm said.

Meantime, average wholesale prices came in at $15,269 for September, which is down 0.4% from August and steady with September 2024. The latter, coupled with wholesale value rising 0.2% year-to-date, indicates a “steady balance between dealer acquisition costs and retail pricing,” J.D. Power said.

Dealers are taking a “measured” approach to bidding at auction, which indicates the balance between supply there and acquisition costs, analysts added.