Used-cars’ first year-over-year price rise in 2½ years could be just the beginning
Image courtesy of iSeeCars.
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iSeeCars is seeing something it hasn’t seen in more than two years: rising used-car prices.
The automotive search engine and research website said its latest study showed the average used-vehicle listing price in March was up 1% from March 2024, the first year-over-year increase since October 2022.
The study was based on iSeeCars’ analysis of more than 1.4 million 1- to 5-year-old used cars sold in March 2024 and 2025.
iSeeCars executive analyst Karl Brauer said the $317 uptick coming before the 25% tariff on imported vehicles took effect April 3 could be a harbinger for more substantial increases in the coming months.
The report compared the tariff effect to the price increases of the COVID pandemic, when prices soared 8.2% from March to November 2020, calculating a 5%-10% jump would result in $1,581 to $3,162 added to the current average price of a used vehicle. For popular used models, that range extends from a low of $890 for the compact Kia Forte to as much as $5,169 for the Chevrolet Tahoe full-size SUV.
“During the pandemic, new-car prices spiked when automotive factories closed and production fell short of demand,” Brauer said. “With tariffs, prices will likely increase regardless of demand, setting up a similar new-car price spike that could pull used-car prices up.
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“A price bump between $1,300 and $3,800, depending on vehicle segment, is probably not what the average used-car shopper wants to face over the next six to 12 months, but it’s a definite possibility if new-car pricing rises.”
Brauer noted used-car prices had been falling by as much as 7.3% last summer but had stabilized and were nearly flat since October. He attributed the March increase to the shortage of used-car supply and said the supply-demand imbalance will increase as new-car prices rise and drive more buyers into the used market.
One sector that hasn’t yet been affected by price increases is electric vehicles, iSeeCars found the average price for a used EV dropped by $3,602 in the past year.
The full report is available here.
