CNBC's Phil LeBeau joins 'Money Movers' with the latest news on the auto market.

Cox Automotive's latest Mannheim used auto report shows that used car sales fell by 3.9% compared to the previous year. Despite this decline, used car prices increased by 2% year over year, with luxury models—particularly electric vehicles—seeing a 2.3% rise in sales.

The report highlights that the high prices of new vehicles are pushing more consumers into the used car market, which in turn keeps used car prices elevated. Federal tax credits for used electric vehicles have also contributed to demand, with used EV values rising 0.8% compared to the previous month. Tariffs impacting new vehicle prices are indirectly affecting the used car market as well.

September used car sales down 3.9%

We're just getting the Q3 used auto report, then for that we're going to turn to Phil LeBeau. Busy day in autos, Phil. It is, Carl. Let's start first off with what we're hearing from Cox Automotive. Every month they look at what the used car market has been doing with the Mannheim used auto report. And for the month of September, what they found is that prices were up 2% compared to last year. Yes, fractionally lower compared to August. Luxury model sales driven largely by EVs, which were in big demand, up 2.3%. When we talk about EVs, a lot of people say, well, you had the expiration of the federal tax credit of $7,500. Remember, there was also a tax credit, not as much, I think it was $3,500 or $4,000 for used models. And that brought some people into the used market saying, I get a little bit lower price, plus I get a partial federal tax credit. Used EV values, by the way, up 0.8% compared to August. Take a look at the dealership stocks. Keep in mind that used prices, and this is so important for people to keep in mind, this is less a reflection of the consumer and more a reflection of the supply and the pricing of new vehicles. And as you guys know, new vehicle prices are close to a record high. That's going to drive more people into the used market, even with September sales down 3.9% year over year. That's just a quick snapshot, guys, of what we're seeing in the used car market right now. Because there were these questions, Phil, about whether used cars would be impacted by tariffs, right? Because they're not new, they're not being shipped, but clearly they tee off of new car prices. So what's the verdict? Correct. They do tee off of new car prices, Sarah, and that's, yes, by extension, they are impacted by tariffs to the extent that tariff, the cost cannot be borne completely by the automakers. That's why you see the new vehicle prices close to a record high. That, by extension, drives more people into the used market, and you have the elevated used prices. Got it. Phil, thanks.

From Tel Aviv to the Nova Music Festival site, Israelis gathered to remember those who were killed in the October 2023 Hamas attack.

Tel Aviv-Yafo

Middle East Conflict

Israelis remember victims two years after Hamas attack

Saudi Arabia's Riyadh Comedy Festival is attracting global stars including Dave Chappelle, Pete Davidson and Kevin Hart, with reports that some are being paid more than $1 million each. The event is part of Crown Prince Mohammed bin Salman's push to rebrand the conservative kingdom through sports and entertainment.

Riyadh

Riyadh Comedy Festival draws top U.S. comedians amid controversy

Three U.S.-based scientists have won the Nobel Prize in physics for their work on quantum mechanics. The physics award is the second 2025 Nobel Prize to be announced this week.

Stockholm

Three U.S.-based scientists win Nobel Prize in physics

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Cairo

Israel and Hamas resume Gaza ceasefire talks in Egypt

Israel has deported activist Greta Thunberg along with 170 others who were detained after Israeli forces intercepted a flotilla attempting to deliver aid to Gaza last week. Some of those deported in recent days have reported mistreatment, allegations that Israel has denied.

Israel deports Greta Thunberg after Gaza Flotilla interception

Leaders in the U.S. state of Illinois are taking President Donald Trump to court, looking to stop the deployment of hundreds of National Guard troops to the streets of Chicago. The White House argues that soldiers are needed to prevent so-called lawlessness.

Chicago

Chicago declares 'ICE Free Zones' amid clashes over raids

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Paris

Macron gives Lecornu two days to salvage government after resignation

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Santa Clara

Rise of AI

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Gorakshep

About 200 Mount Everest climbers still stranded

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Clashes erupt as Trump deploys National Guard

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Indianapolis

Mark Sanchez charged with felony, could face up to 6 years in jail

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Illinois, Chicago sue Trump over National Guard deployment

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French markets tumble after PM Lecornu resigns

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Ex-NFL star Mark Sanchez faces criminal charges in alleged assault

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Portland

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Israeli planes and tanks pounded areas across the Gaza Strip overnight and on Sunday, destroying several residential buildings, witnesses said, as Palestinians hoped a U.S. plan to end the war would soon ease their suffering.

Jerusalem

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Amenhotep III ruled between 1390 and 1350 BC and was one of the most prominent pharaohs of ancient Egypt.

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Santa Teresa

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Washington

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Japan's ruling party picked hardline conservative Sanae Takaichi as its head on Saturday, putting her on course to become the country's first female prime minister in a move set to jolt investors.

Tokyo

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The state Attorney-General says the city is violating the law by sharing license data with federal agencies. The El Cajon mayor has accused the state of 'bullying' cities.

Breakdown