New car prices are climbing, tariffs are costing Americans billions, a war in Iran is kicking up gas prices, and now, used-car pricing is headed skyward as well. A new report indicates that wholesale used-car prices were higher in March than they’ve been since the summer of 2023. That’s a stark change from the norm since March is typically a flat month across the industry. Here’s what that means for consumers.

 

First, let’s define the data. According to Cox Automotive, the Manheim Used Vehicle Value Index climbed to 215.3 in March, marking a 6.2 percent year-over-year increase and its highest level since mid-2023. Month over month, prices jumped 1.4 percent. Keep in mind that we’re talking about what dealers pay one another at wholesale auctions. The price consumers will pay at the end dealer will no doubt be higher.