Used Market Update: December 2025 — Pricing Firm, Liquidity Tightens
Summary
Used retail prices strengthened to close the year, rising +1.8% m/m (+$536) in December and finishing 2025 up +2.0% vs. 2024, signaling resilient downstream pricing.
Wholesale values remained stable, up just +0.2% m/m (+$36), with 2025 wholesale prices +0.5% vs. 2024, reinforcing a stable upstream environment.
Pricing pressure is concentrated in smaller vehicles, with compact/small/midsize cars showing greater retail softness across both mass market and premium segments.
CPO continues to deliver meaningful price lift, though outcomes are uneven by segment and powertrain, with many EV segments showing more variability in realized CPO value.
Dealer profitability softened in December, with used gross + F&I down -3.4% m/m, while full-year results were essentially flat (+0.7%, +$17) vs. 2024, reflecting cost and liquidity pressure more than weakening demand.
Market liquidity softened and auction flow remained elevated: days-to-turn ended the year near a five-year high (+6.6% m/m; +3.6% for 2025 vs. 2024), while 2025 wholesale sales rose +5.7% vs. 2024, signaling continued dealer sourcing despite affordability constraints.
