In 2024, the wholesale used vehicle market returned to more “familiar” patterns after years of volatility. Values declined about 15% across most classes, with smaller vehicles holding value better than larger ones. High-mileage, lower-quality units were abundant, while newer, low-mileage vehicles remained scarce—a trend expected to persist in 2025. Economic uncertainty, interest rates, and a new administration add unpredictability. Smaller vehicles and work trucks will likely stay strong, while large fleet units and EVs face challenges. OEMs are shifting back to ICE vehicles amid lagging EV demand. Overall, 2025 should mirror 2024—stable but cautious, with affordability driving decisions.