Used car sales rise despite economic worries

Car buyers may feel uncertain about the economy, but they’re still purchasing used vehicles. 

CarMax reported a 9% jump in used vehicle sales last quarter compared to the same time last year, boosting retail revenue by 7.5%. April was the strongest month, possibly due to tariff speculation.

CEO William Nash said demand was already rising before tariffs became a concern. He also noted that 30% of CarMax customers carry student loans, but rising prices and loan repayments haven’t yet slowed purchases.

The news lifted CarMax shares 6.6% last Friday.

Meanwhile, wholesale used vehicle prices rose 1.7% from May to mid-June, according to Manheim, showing broad market strength. So far, tariffs haven’t disrupted the used car market.