Tariffs on imports from Canada and Mexico could raise the cost of cars and trucks by thousands. A recent study suggests that these tariffs could also elevate used car prices, as consumers seek affordable options. With the average new car price nearing a record at over $48,000 and combined with high car loan rates, affordability becomes a serious challenge for consumers. The impact extends to car manufacturers and their stocks, with Ford's CEO indicating that such tariffs might drastically harm the U.S. auto industry.
Almost every car and light truck in the US has parts from Canada and Mexico; tariffs could raise car prices by thousands.
Tariffs on vehicle imports, steel, and the resulting price increases could severely impact American auto manufacturing and consumer pricing for cars.
The average new car price is approaching record highs, exacerbated by recent tariffs, affecting both new and used car markets.
Ford's CEO warns that these tariffs could create unprecedented challenges for the U.S. auto industry and consumer affordability.
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