Used car prices leveled out over the past few years after costly jumps during the COVID-19 pandemic. But those improvements may soon tumble.
An analysis by iSeeCars found that cars between one and five years old recently saw their first 12-month price increase since 2022. Prices for these used cars rose 1% in March, or about $317 per car, on average.
This is likely just the beginning of price increases for used cars, as Trump’s 25% tariff on imported passenger vehicles and auto parts wasn’t implemented until late March and additional tariffs followed in April.
Notably, no car is 100% American-made.
“Used car prices had been falling by as much as 7.3% in June 2024, but over the past 6 months, used car prices stabilized,” says iSeeCars Executive Analyst Karl Brauer. “Now used car prices are going up, and this is before tariffs have impacted new car pricing, which will add further upward pressure to both new and used car prices.”
Looking at specific categories of used cars, iSeeCars reports the following price changes in March:
- Trucks: 0.9% increase from one yea rprior
- SUVs: 3.5% increase
- Passenger cars and minivans: 3.2% decrease
- Hybrids: 0.7% increase
- Electric vehicles: 10.1% decrease
Since Tesla’s CEO Elon Musk became increasingly involved with Trump, many Tesla owners have sold their cars, according to reporting from The New York Times. This has made used Teslas more available, and perhaps is why they had the sharpest decrease in consumer pricing.
In general, the used car price increase in March was demonstrative of an ongoing lack of supply relative to the demand for used cars, according to iSeeCars. The automotive search and research company says tariffs will likely deepen this imbalance, perhaps as Americans hold onto their current vehicles to save money, leading to used car prices increasing even further.
Of course, it’s not just used car prices that stand to be affected by tariffs. New cars are directly affected. An S&P Global Mobility report on Trump’s 25% tariffs on Mexican and Canadian imports found those tariffs would increase the price of a $25,000 new car by $6,250.
“With the pandemic-induced spike in new and used car pricing still fresh in consumers’ minds, buyers already know the frustration of higher automotive costs and lower affordability,” Brauer says. “We could see that pattern again in the coming year.”
What tariffs could mean for 30 popular used car models
iSeeCars also analyzed the average listing prices of some of the most popular used vehicles in the U.S. and calculated what premiums of 5% and 10% could look like, if spurred by tariffs.
Projected price increases range from $890 for a used Kia Forte (if prices went up 5%) to $5,169 for a used Chevrolet Tahoe (if prices went up 10%).
Below are the projected increases for all 30 used car models analyzed.
Keep in mind these are just illustrative scenarios, though, based on iSeeCars’ examination of more than 1.4 million cars between one and five years old that were sold in March 2024 and March 2025. No one knows for sure just how much used car prices might rise due to tariffs.
- Chevrolet Tahoe: The average price would rise by $2,585 if tariffs led to a 5% price increase and $5,169 in the event of a 10% price increase
- GMC Sierra 1500: $2,359 and $4,718
- Ford F-150: $2,074 and $4,148
- Chevrolet Silverado 1500: $1,975 and $3,950
- Ram 1500: $1,939 and $3,878
- Toyota Highlander: $1,802 and $3,603
- Toyota Tacoma: $1,775 and $3,550
- Ford Explorer: $1,552 and $3,105
- Jeep Grand Cherokee: $1,509 and $3,019
- Toyota RAV4: $1,425 and $2,851
- Honda CR-V: $1,390 and $2,779
- Chrysler Pacifica: $1,273 and $2,546
- Mazda CX-5: $1,261 and $2,522
- Honda Accord: $1,251 and $2,501
- Ford Edge: $1,245 and $2,490
- Hyundai Santa Fe: $1,231 and $2,463
- GMC Terrain: $1,228 and $2,456
- Toyota Camry: $1,224 and $2,448
- Honda Civic: $1,163 and $2,327
- Kia Sportage: $1,159 and $2,317
- Hyundai Tucson: $1,152 and $2,303
- Nissan Rogue: $1,138 and $2,275
- Ford Escape: $1,116 and $2,233
- Jeep Compass: $1,098 and $2,196
- Chevrolet Equinox: $1,082 and $2,163
- Nissan Altima: $1,009 and $2,018
- Toyota Corolla: $994 and $1,988
- Chevrolet Malibu: $918 and $1,837
- Nissan Sentra: $908 and $1,817
- Kia Forte: $890 and $1,780
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