Starting in early June, used vehicle prices started to rise, and Jonathan Smoke, chief economist of Cox Automotive, attributed the abnormal summer increase to tariffs. Smoke, who also compiles the Manheim Used Vehicle Value Index, explained prices increased after a pull forward in sales related to concerns of rising prices as a result of tariffs.

In June, President Donald Trump said the United States will establish a 25% tariff on $50 billion of goods from China. In September, Trump said the United States would impose tariffs on $200 billion of goods from China.

Between June and August, used vehicle sales should have been about 300,000 vehicles less than they were, said Smoke, adding that the pull forward in sales has led prices to rise.     MORE