Used-vehicle values climb 1% (Big Wheels)

Used-vehicle values are climbing as demand is rising throughout the industry. Sales, however, are mixed. The Exponential Used Vehicle Index , measuring wholesale prices of used vehicles and inventory awaiting sale, sat at 138.27 as of Nov. 13, up 1.1% year over year but down 2% month over month. Year to date, values have risen 2.9%. [caption id="attachment_58356805" align="alignnone" width="1081"] (Courtesy/Big Wheels)[/caption] “We’ve seen prices rise and then come back down, along with shifts in vehicle quality,” Tiger Okeley , executive board member of Indiana-based buy here, pay here dealership Oak Motors, told Auto Finance News . “It’s a very dynamic market, and the fluctuation requires staying sharp to acquire the best inventory at the best price for our customers.” Wisconsin-based Kunes Auto Group has also seen prices shift, Chief Operating Officer Scott Kunes told AFN . “We are seeing pricing dip slightly but not as much as expected due to new-car pricing remaining stable or rising with tariff pressure,” he said. “We are seeing pricing dip slightly but not as much as expected due to new-car pricing remaining stable or rising with tariff pressure.” -- Scott Kunes, Chief Operating Officer, Kunes Auto Group There are a couple of reasons why values are rising, experts say. “We have seen a significant influx in 1-, 2- and 3-year-old used vehicles over the last couple months or so,” Ray Shefska , auto industry veteran of four decades and co-founder of CarEdge , an automotive concierge and data platform, told AFN . CarEdge’s website has seen a 40% uptick in users YoY and 32% MoM to 7.1 million users, according to company data provided to AFN . The website has more than 500,000 users per month, according to the company. The influx, he said, follows a “ dramatic shortage ” of used vehicles between 1 and 3 years old. The shortage began during the pandemic, when fewer vehicles were purchased and manufactured and led to the dwindling supply seen through October Mixed sales Kunes Auto’s sales have remained in line with the broader market. “Sales were slightly up over September for October on the used side and about even with August,” Kunes said without providing specifics. Another reason the industry could be seeing a smaller uptick in used-retail sales, and dealers a decline, is because of the narrowing price gap between the new and used markets influencing consumer decisions, CarEdge’s Shefska said. “There's always a spread between new and used vehicles, and the hope is that the spread’s big enough that it makes sense for people to buy the used vehicles,” he said. However, the one- to three-year-old used vehicles in the market are “high quality” and narrowing that spread, he added. Meanwhile, some smaller dealers are not seeing the same uptick in used sales. Despite rising wholesale values, industrywide used-car retail sales climbed 1.5% year over year and 3.4% MoM, according to a Nov.14 report from Cox Automotive . Some dealers, however, say their sales are dropping. Oak Motors has seen a 20% drop in sales from January to November of this year compared with the corresponding period in 2024, Okeley said. Sales have been flat since October, however, he added. “The biggest driver of reduced sales is the quality of applicants, particularly regarding income and stability,” he said, noting that demand has been consistent. “With higher costs, consumers are becoming more selective and conscientious, and at the same time we’ve become more selective in our underwriting process.” Uncertain road ahead Litigation and tariffs are driving market uncertainty around used auto sales. Future sales are hard to predict, Shefska said, citing the uncertainty and anticipation of the Supreme Court's decision on the legality of tariffs, which could further affect car values. However, Kunes Auto Group expects “consistent” sales throughout the end of the year, Kunes said. “There is still a floor for demand due to the aging of America’s car fleet, but tariff, uncertainty in the market and supply chain pressure have kept the market from really taking off," he said. Zander Cook , co-founder at Idaho-based Lease End , an fintech that specializes in auto lease buyouts, echoed the uncertainty around sales for the rest of the year. “Normally, sales of EVs and vehicles tend to be higher in November and December compared to the average the rest of the year,” he told AFN , noting that dealerships are motivated to turnover inventory. However, “this year could be different with the average price of vehicles reaching an all-time high, federal tax credits for EVs ending, and interest rates continuing to be less favorable than previous years.”

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