Tariffs Pump Up Prices
Both new and used vehicle values increased in April.

New- and wholesale used-vehicle prices rose in April as consumers tried to avoid tariff-fueled inflation.
Pexels/Vadutskevich
Both new and wholesale used vehicle prices jumped in April on the effect of U.S. trade tariffs.
New-vehicle prices, already still inflated from pandemic days, were up about 3% month-over-month to an average transaction figure of $48,699, according to Cox Automotive data.
That’s up from a typical 1% bump for April and is similar to the increase seen in April 2020, the spring of the initial pandemic market disruptions. The average transaction price was up 1% year-over-year, said Cox, which pointed out that since inventory has rebounded from the pandemic, year-over-year prices have been flat as the market normalized.
Despite the price bump, the April sales pace was the most robust in four years as consumers rushed to beat expected tariff-driven price increases. Incentives were consequently flat at about 7%, their lowest since last summer.
Meanwhile, wholesale used-vehicle prices jumped for the month. Cox’s Manheim Used Vehicle Value Index surged 5% year-over-year to 208, its highest point since October 2023.
“The ‘spring bounce’ normally ends the second week of April, but this year, wholesale appreciation trends continued for the entire month and were much stronger than we typically observe,” said Senior Director of Economic and Industry Insights Jeremy Robb. “We expected to see strong price appreciation in response to the tariffs, and that’s exactly what came.”
Prices rose throughout the month except for the last week, which saw slower price declines than normal for April’s wind-down.
Though the average daily conversion rate for the month hit about 64%, down from March, it ran higher than typical for April, said Cox, which put the three-year average at 59%.
Retail used sales, though down about 2% from March, were up 13% year-over-year, according to Cox data. The average listing price was up 2% for the month.
Originally posted on Auto Dealer Today
More Industry

Charger Network Growth Slows
Despite a projected increase in public EV chargers in 2026, charging infrastructure remains a top concern for consumers as the gap between the most and least EV-friendly places remains substantial.
Read More →
Lenders, Consumers Take on More Auto Loan Risk
September records loosened credit access the most in over a decade as buyers took advantage of the conditions to afford trading, though loan applications fell.
Read More →
Next-Gen Hybrids in Sight
Dealerships can expect to see revamped hybrids from Honda next year as the company rolls out a new system and model lineup.
Read More →
Gem State Stores Change Hands
A larger auto group founded in the industry’s early years sold two franchises to a neighbor group that's on a growth spurt.
Read More →
Charging In Motion
Honda has been researching wireless in-motion charging for electric vehicles since 2025, and new technology developments have put it a step closer to a final product.
Read More →
Twin Cities Stores Sell
Minnesota-based Walser Automotive Group made what it called the most significant acquisition in its history with a three-rooftop deal in Minneapolis.
Read More →
U.S. Auto Sales Still Below Prepandemic Levels
Mobility Global industry observers don’t expect the market to return to the higher volumes that became routine before Covid but to stay well below its potential.
Read More →
The Powertrain Shift
Electric-vehicle owners are backpedaling, according to new data, with product availability driving many to shift back to gas-powered engines.
Read More →
Achromatic Autos
The shades that dominate the U.S. car market don’t call attention to themselves, though grayscale may have plateaued after a 30-year upswing, research shows.
Read More →
Used-Vehicle Affordability Worsens
Listing prices in August defied seasonal trends, rising above $27,000 for the second time this year.
Read More →