{"id":1037,"date":"2025-03-14T16:38:41","date_gmt":"2025-03-14T16:38:41","guid":{"rendered":"https:\/\/finzexpert.com\/blog\/buying-a-car-trumps-tariffs-could-make-it-more-expensive\/"},"modified":"2025-03-14T16:38:41","modified_gmt":"2025-03-14T16:38:41","slug":"buying-a-car-trumps-tariffs-could-make-it-more-expensive","status":"publish","type":"post","link":"https:\/\/finzexpert.com\/blog\/buying-a-car-trumps-tariffs-could-make-it-more-expensive\/","title":{"rendered":"Buying a Car? Trump\u2019s Tariffs Could Make It More Expensive."},"content":{"rendered":"\n<div>\n<p class=\"css-at9mc1 evys1bk0\">The impact of the tariffs would vary by car model, since some rely more on <a class=\"css-yywogo\" href=\"https:\/\/www.nhtsa.gov\/part-583-american-automobile-labeling-act-reports\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">imported parts<\/a> than others. But rather than vastly increasing the price of specific vehicles, the industry is likely to spread increases across all types \u2014 \u201clike peanut butter\u201d \u2014 to smooth out the price increases, said Tyson Jominy, vice president of data and analytics at the market research firm J.D. Power. Mr. Anderson said manufacturers would \u201calmost certainly cut back\u201d on models that became significantly more expensive.<\/p>\n<h2 class=\"css-13o6u42 eoo0vm40\" id=\"link-22015478\">What if I want to buy a car this year?<\/h2>\n<p class=\"css-at9mc1 evys1bk0\">Much remains uncertain, including whether the delayed tariffs will actually go into effect and, if so, how long they would stay in place. \u201cWe literally have no idea,\u201d said Joseph Yoon, consumer insights analyst at the automotive site Edmunds.com. So if a new car wasn\u2019t on your radar, there\u2019s no need to rush to buy one, he said. A car is an expensive purchase. It\u2019s important, he said, to take time to research models and get one that fits your needs and your budget. \u201cDon\u2019t panic-buy a car valued at $47,000.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Still, if you were planning to shop for a new car in the next few months anyway, and the model with your preferred features is available now, it may make sense to buy sooner rather than later. Jennifer Newman, editor in chief of the online car shopping site Cars.com, said that inventories of new cars were plentiful and that tariffs shouldn\u2019t affect vehicles that were already sitting on sales lots. \u201cIf you\u2019re thinking about buying a car, you need to be shopping now,\u201d she said.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">And if you\u2019re interested in an electric vehicle or a plug-in hybrid, now could also be a good time to consider one because you may qualify for a federal tax credit of up to <a class=\"css-yywogo\" href=\"https:\/\/www.irs.gov\/credits-deductions\/credits-for-new-clean-vehicles-purchased-in-2023-or-after\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">$7,500<\/a> if you buy or lease a new one. (The Trump administration has said it aims to reduce or repeal the credit, although Mr. Trump also went on television this past week to announce he is buying a Tesla.) But make sure an E.V. truly \u201csuits you,\u201d said Jake Fisher, senior director of the Consumer Reports auto test center. Weigh factors like how far you typically drive, he said, and whether you\u2019ll have access to a charger at home or at work.<\/p>\n<h2 class=\"css-13o6u42 eoo0vm40\" id=\"link-3c488e17\">Are used cars a better option?<\/h2>\n<p class=\"css-at9mc1 evys1bk0\">Used cars are also expected to get more expensive. Dealers, anticipating potential disruptions in the new car pipeline, are likely to step up purchases of used cars to stock their lots, Mr. Jominy said, and that will help to drive up used car prices.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The impact of the tariffs would vary by car model, since some rely more on imported parts than others. But rather than vastly increasing the price of specific vehicles, the industry is likely to spread increases across all types \u2014 \u201clike peanut butter\u201d \u2014 to smooth out the price increases, said Tyson Jominy, vice president [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1038,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[762,446,763,248,380],"class_list":["post-1037","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan","tag-buying","tag-car","tag-expensive","tag-tariffs","tag-trumps"],"_links":{"self":[{"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/posts\/1037","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/comments?post=1037"}],"version-history":[{"count":0,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/posts\/1037\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/media\/1038"}],"wp:attachment":[{"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/media?parent=1037"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/categories?post=1037"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/tags?post=1037"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}