The article discusses the anticipated rise in new car prices due to newly implemented tariffs on imported vehicles and parts. Research indicates that the cost of some new cars could increase by as much as $12,000, particularly impacting electric vehicle crossovers, which are heavily reliant on imported components. This situation exacerbates existing challenges for car buyers, particularly as many are already grappling with high auto loan rates, often exceeding $1,000 per month. As such, potential buyers may want to hold off on purchasing new cars.
The recent tariffs on foreign imports are expected to significantly raise prices on new vehicles, with some models potentially costing as much as $12,000 more.
Buying trends show that consumers are already facing high auto loan rates, with many buyers paying over $1,000 monthly, and the situation is set to worsen.
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