A Mild Step Down in Retail Prices as Normalization Continues
Used Market Report - December 2025
Used retail prices declined slightly in November 2025, down -0.4% m/m to $29,622, only the second decline of 2025, yet values remain +1.9% higher year-over-year, reinforcing that the market is easing from strength rather than weakening.
Wholesale pricing stabilized with a modest +0.5% m/m increase, keeping 2025 on pace with 2024 and extending the broader pattern of upstream normalization that has helped anchor retail price stability.
Retail price discipline remains firm, retail-to-wholesale spread widened again in November as retail values held steadier than wholesale, and list-to-retail alignment continues to show minimal discounting pressure across the market.
CPO values remained healthy but eased modestly for the second consecutive month, with CPO- to non-CPO price differential narrowing slightly, a sign of market normalization rather than fading demand for certified units.
Profitability softened in November, with used gross + F&I per unit down -1.3% m/m ($32) and down -2.1% y/y, though YTD performance remains +1.0% above 2024, consistent with a market settling into balanced post-peak conditions.
Used supply trends remain mixed by age: 1-year-old vehicles increased Y/Y while 2–5-year units declined; early 2026 projections show growth returning in 2- and 3-year supply, with 4- and 5-year volumes continuing to ease.
