Should You Rush to Buy a Car Before Tariffs Rise? Here’s Why It Might Backfire.
Individuals hastening their vehicle purchases to dodge rising costs amid intensifying worldwide trade tensions might encounter an unforeseen obstacle: challenges securing a manageable auto loan. On Wednesday, President Donald Trump declared 25% tariffs on imported vehicles and specific car components. This move comes as part of a series of duties set to begin at the beginning of next month or those currently implemented, all aimed according to the White House at boosting U.S.-based production. If the 25% tariff is entirely shifted onto buyers, it might increase the advertised prices of certain widely purchased vehicles, which aren’t currently produced within the country, by approximately $6,000 to $16,000, as stated by iSeeCars. A strategy for individuals concerned about tariffs leading to higher product costs is to accelerate a purchase they are already intending to make while resisting the temptation to panic-shop. Of course, it’s no easy feat For many...