November 2025 Used Market Update

Is The Market Back to Normal?

Used-vehicle prices eased for the first time this year, offering an early sign that market normalization may be taking shape. Average used-retail transaction prices declined 1.2% in October to $29,679, but remain 2.2% higher than a year ago — a modest cooling from elevated levels rather than a sign of weakness.

Wholesale prices moved down more sharply, falling 5% month-over-month to their lowest point since December 2023. The resulting five-year-high retail-to-wholesale spread underscores how retail pricing adjusts more gradually as inventory turns.

Dealer performance metrics point to continued stability: profit per unit remains consistent with 2024 levels, and Days to Turn held essentially flat, reinforcing that the market remains balanced entering year-end.