Hold onto your wallets, car lovers! Since reclaiming the presidency on January 20, Donald Trump has been stirring the pot with his bold tariff moves, and the latest buzz is all about how this could skyrocket car prices in the U.S.
In just under a month, Trump has slapped tariffs on imports from Canada, Mexico, and China, hitting especially hard on steel and aluminum. These tariffs aren't just numbers; they're set to make your next ride cost thousands more! Experts are sounding the alarm that the automotive industry is in the hot seat, with U.S. carmakers facing higher costs for parts and materials.
According to Cox Automotive, the average price for a new car is already hovering around $49,740 . But hold tight, because benchmark analyst Cody Acree predicts that with the proposed 25% tariffs, prices could jump by nearly $5,800, pushing the average new car price to over $54,500! That's almost a 12% increase from last year.
Why the sudden spike? Trump sees tariffs as a tool to balance trade tensions and leverage political gains, but economists warn that the real hit falls on consumers like you and me. Higher car prices mean fewer road trips and maybe delaying that dream car purchase.
So, what's next? As the automotive industry braces for impact, keep an eye on the market and maybe start saving a bit more for that shiny new car.
Since reclaiming the presidency on January 20, Donald Trump has been stirring the pot with his bold tariff moves, and the latest buzz is all about how this could skyrocket car prices in the U.S.
. But hold tight, because benchmark analyst Cody Acree predicts that with the proposed 25% tariffs, prices could jump by nearly $5,800, pushing the average new car price to over $54,500! That's almost a 12% increase from last year.
US Tariffs on Canada & Mexico Could Backfire,…
