Wholesale used vehicle values pull back in May after tariff rush

Cox Automotive’s Manheim Used Vehicle Value Index (MUVVI)—which tracks wholesale used-vehicle prices—revealed declines for each week of May, with a small drop in the final week of the month.

• Used-vehicle prices declined 1.4% in May from April levels—with values falling by only 0.2%, which was slightly lower than the depreciation rates mid-month. 

• The non-adjusted price in May dropped by 1.5% compared to April, resulting in an unadjusted average used-vehicle price that was 4% higher year over year.

Why it matters: When consumers rushed to buy used cars in late March and April to avoid potential price hikes, it drove wholesale prices to their highest level since late 2023. Now that the initial panic has cooled, prices are settling but remain elevated.

Between the lines: Seasonally adjusted vehicle prices across most major market segments ticked up year-over-year in May, aside from the compact segment.

• The luxury segment rose the most for the fourth consecutive month in May, increasing by 6.5% compared to last May.

• Seasonally adjusted SUV used-vehicle prices had the second-highest increase, with a 5.2% surge over May 2025.

• Mid-size sedans and trucks rose by 1.2% and 0.3%, respectively, while compact cars, the only major segment to experience a decrease, dropped by 1.5% compared to last year.

Worth noting: From April to May, the luxury segment dropped 0.7%; SUVs fell by 1.3%; mid-size sedans declined by 1.6%; trucks dipped by 1.9%; and compact cars fell by 2.3%.

Market impact: Retail used vehicle sales decreased in May compared to April—though sales were up year over year. 

• Initial estimates by Cox Automotive’s vAuto indicate that retail used-vehicle sales in May were down 3% compared to April—but up year over year by 4%.

• The average retail listing price for a used vehicle decreased 0.5% over the last four weeks of the month.  

• May ended at 44 days’ supply, up one day from 43 days at the end of April and down two days from May 2024 (46 days).

Bottom line: The used car market is becoming a key battleground as tariff policies reshape how Americans buy vehicles. With wholesale prices still elevated despite May's decline and new car tariffs pushing more buyers toward used inventory, dealers could see sustained demand even as economic uncertainty makes consumers more price-sensitive. 

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