Trump auto tariffs have drivers rushing to get new cars now
President Donald Trump announced a set of sweeping tariffs Wednesday that include a 25% tariff on foreign cars and parts. It's now stressful for both buyers and sellers.
For the past six months, Amber Norton has been planning to buy a new car. The tariffs put that search into high gear this week.
"Definitely a little stressed out. I feel like I've got to put a rush on things now," Norton said while visiting a car dealership in Norwood, Massachusetts. "I don't want to jump into anything, but, at the same time, it does make me a little anxious to get something."
Norton was just one of the people who walked into Nucar Honda of Norwood. There's been a line out the door there since last week.
Buying what's in stock
"People want to buy the inventory that we have in stock today as opposed to waiting a couple months down the road," said general manager David Laliberte. "So, I think what it has done has accelerated people's buying decisions. Right now, we are in a good situation because we are selling vehicles, but we don't know where we are going to be 30, 60, or 90 days from now."
The auto industry has been hit with some of the highest tariffs. According to Kelly Blue Book, the average car sold for $48,000. A 25% tariff could bring that total to $60,000. That number could be less if only parts are being taxed.
"The markets and business have made it clear they don't like the uncertainty," said WBZ-TV political analyst Jon Keller. "Now with all the continuing uncertainty about how it's actually going to work. You can expect political pressure, impacts on the market, impacts on prices."
