The tariffs President Donald Trump enacted last month aren’t only affecting new vehicle prices. Used car prices are also set to go up. 

In April, auto dealers spent 3.3% more to buy used vehicles than they did a month earlier and 4.3% more compared with a year ago. Ordinarily, wholesale used vehicle prices increase by about 0.3% per month.

What You Need To Know

  • Used car prices are set to rise in June because of President Donald Trump's tariffs

  • Wholesale used vehicle prices increased 10 times faster than normal in April

  • Auto dealers purchased used vehicles for 3.3% more in April compared with March

  • Consumers can expect to see used car prices increase starting in four weeks, Cox Automotive analysts said Wednesday

“We expected to see strong price appreciation in response to the tariffs, and that’s exactly what came,” Jeremy Robb, Cox Automotive senior director of economic and industry insights, said in a statement Wednesday. 

Robb said Trump’s tariff announcement in early April drove the price gains. The used vehicles that saw the largest wholesale price increases last month compared with a year earlier were luxury cars (+5.9%) and SUVs (+5.5%). The only category that saw prices decrease was compact cars (-1.5%). 

Wholesale prices paid by auto dealers typically show up for consumers in four to six weeks, according to Cox Automotive. For an average 3-year-old vehicle, the wholesale price in April increased 2.6%. 

Robb said used car sales in April were stronger than usual, as customers rushed to buy cars before the tariffs kicked in. That has reduced the number of used cars available to buy and kept retail prices from their usual trajectory of depreciation.