As we enter the new year, used car prices are rising after months of declines. In May 2025, the average used car listing price sits at $25,128. Spring car buying season is here, and tariff uncertainty is compelling more shoppers to make a purchase before prices rise further. This combination of seasonality and market uncertainty means that increased demand is likely to send used car prices higher in the weeks ahead. With the continuing volatility of used car prices, it’s never been more important to track the value of your car.
👉 We also track new car prices. See the latest monthly update here.
Used Car Prices – May 2025 Update
According to the latest used car market data from Black Book, the used car prices are steadily falling at wholesale markets. These are the markets that most car dealerships buy and sell preowned inventory from. When will retail used car prices drop further? We’ll get into that below. First, let’s take a closer look at wholesale prices last week.
Is the car bubble bursting? Let’s look at the data.
This week, wholesale used car prices continue to climb, as is expected each spring. In fact, recent used car price trends mirror pre-2020 seasonal norms. That’s a great sign, despite price remaining well above pre-pandemic averages. This week, used car prices rose 0.63% over the past seven days, showing prices climbing at the same pace as last week.
Which used car prices are falling most? Let’s take a look at the latest data from Black Book.
Used car prices (wholesale sedans)
The overall car segment saw prices increase +0.59% this week. Used sedan prices are rising again in May 2025. All used car segments saw climbing prices. No car segments had falling prices this week. Full-size and sports car prices climbed this most over the past seven days.
Used Truck Prices (Wholesale)
Used truck prices are climbing again in May as spring buying season gets underway. Used truck and SUV prices were up last week, rising by 0.65% in one week. That’s on par with the price increase from the week before. Minivans and small trucks are seeing the largest price increases right now.
Retail used car prices are increasing
As the data above shows, retail used car prices are slowly rising. Spring car buying season is here. Some of the increased demand is due to tax refund car buyers heading out to dealership lots to make a purchase. Tariff uncertainty is causing more buyer’s to speed up their purchasing timeline, driving demand temporarily higher.
But there’s also some good news. Overall, used car prices continue to behave like they historically did in the pre-pandemic era. If tariffs truly end up ‘breaking’ the car market, we could see a major deviation from historical patterns, much like we did in 2020 and 2021.
See which new cars are impacted by tariff price increases with our Tariff Checker.
The purple outlier on the graph is 2021, when used car prices climbed to records as the new car market suffered severe shortages. It’s good news to see 2025 used car prices following historic norms, at least so far. It’s possible that tariffs on new cars could create used car market chaos in 2025. However, this would only become a real concern if tariffs are implemented for an extended period.
How long does it take to sell a car in 2025?
According to Black Book, the estimated Used Retail Days-to-Turn is now at 43 days. In other words, it take 43 days to sell a used car on average in 2025. Cars in higher demand will sell quicker, and those with less demand can take considerably longer.
IAs you can see below, used car inventory is falling as spring car buying season ramps up. It’s worth pointing out that used car inventory is now below historical averages seen over the past five years. That is, of course, with the exception of 2021. You might recall that 2021 saw skyrocketing used car prices due to the pandemic parts shortage hitting the new car market, sending more buyers to used car lots.
New Car Price Trends (Monthly Updates)
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Older used cars have appreciated most
A new phenomenon we have begun tracking is that older used cars are appreciating more rapidly than younger used cars.
This is primarily a function of consumer demand. Retail customers that want to purchase a car at a sub $20,000 price-point are being forced to look at older used vehicles because the new ones have increased in value beyond their budget. This is scary, crazy, and a whole host of other words.
How much did used car prices increase back in 2021?
How did used car prices get so high? To find the answer, we simply need to remind ourselves of the car shortages of 2021. Depending on who you ask (Cox Automotive, Edmunds, CarGurus, or Black Book), retail used car prices increased anywhere from 32% to 36% in 2021.
Black Book shows a 35% increase in retail used car prices for 2021 (the purple line). For comparison, the orange line shows a 7% appreciation for used car prices in 2020, and the blue line shows a 3% depreciation of used car values for 2019.
Here’s a month-over-month table showing used car price trends for 2021:
| Month | Average Used Car Price |
| January | $22,112 |
| February | $21,573 |
| March | $21,343 |
| April | $22,568 |
| May | $24,414 |
| June | $25,101 |
| July | $25,500 |
| August | $25,890 |
| September | $26,548 |
| October | $27,067 |
| November | $27,569 |
| December | $29,000 |
This data, supplied by Cox Automotive, shows the incredible ascent used car prices took in 2021.
Wholesale used car price trends are even crazier
Every used car has two prices; the wholesale price, and the retail price. As consumers we typically concern ourselves with the retail price, and with good reason, unless you have a dealer’s license you can’t buy a car wholesale at an auction.
That being said, wholesale used car prices are the lifeblood of car dealers, and the used car price trends we saw on the wholesale side in 2021 were truly unfathomable. While retail used car prices increased ~36% in 2021, wholesale used car prices rose 52%.
There is an obvious interplay between wholesale and retail prices. As wholesale prices increase, we can expect retail to prices to do the same.
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Interactive data
Thanks to our friends at foureyes, we can share with you this real-time updating data set on used and new car prices.
How will the recent hurricane be affecting auto prices on the used car market. Will there be concerns over cars that may have been declared a total loss on the used car market?
My vote is definitely team Pops/reality
I like to be an optimist but these are most extraordinary times and the economy being the way it is and God knows getting worse I don’t see the used car market (far more affordable than new cars) going anywhere but up.
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Great insights in this post! It’s really helpful to see the data on used car price trends, especially with the fluctuations we’ve been experiencing. I’ll definitely be checking back weekly for updates as I’m in the market for a used vehicle soon. Thanks for keeping us informed!
Every single vehicle (used $35k-42k range) that I have been watching as a potential purchase just increased by $1000-$2000. Deep South. Very discouraging and not at all indicative of what I read/see on CarEdge. Then when you see the listing include “$500 price drop” ….from the new price?!!! Sickening and ready to give up and buy a piece of junk for $1500