LAWRENCEVILLE, Ga.—The value of used cars, likely driven by Trump tariffs or the fear of their impacts, increase 0.9% in April, Black Book reported.
The company’s Used Vehicle Retention Index increased 1.4 points to 149.3 from March (147.9), which is 0.5% below where it was at the same time in 2024.
“The wholesale market performed strongly in April, with gains surpassing the usual seasonal trends, driving an increase in the Index,” said Laura Wehunt, Black Book vice president of data and analytics. “The implementation of tariffs on automotive imports into the U.S. created uncertainty, prompting dealers to turn to auctions to secure quality used vehicles. The anticipation that new car MSRPs would rise due to the tariffs, coupled with reduced new vehicle inventory, including manufacturers holding vehicles at ports hoping the tariffs would be temporary—intensified demand for used cars. This speculation drove up values, with some single-week spikes reminiscent of the microchip shortage disruptions that impacted the industry in 2021.”
The Black Book Used Vehicle Retention Index is calculated using Black Book’s published Wholesale Average value on two- to six-year-old used vehicles, as percent of original typically equipped MSRP. It is weighted based on registration volume and adjusted for seasonality, vehicle age, mileage, and condition.
To obtain a copy of the latest Black Book Wholesale Value Index, click here.