In the market for a new vehicle? You might consider buying it soon, just in case potential trade tariffs being explored by the Trump administration on auto and auto parts imports take effect.
AutoWise, the auto buying service, calculated potential price increases for the top 10 best-selling vehicles, The service used the proposed 25 percent tariff on imported auto and auto parts and data from the National Highway Traffic Safety Administration.
Because the U.S. auto industry is so entwined globally, virtually all the vehicles sold in the U.S. contain imported parts, even those made by companies based in the country, like GM and Ford. That in turn could lead to layoffs, economists, industry groups, lawmakers and carmakers.
"While it's understood the administration is trying to protect American manufacturing and jobs in the automotive industry, tariffs on foreign vehicles (including auto parts) will almost certainly lead to an increase in vehicle prices across the board, as even the most "American made" vehicles use a significant percentage of imported parts," AutoWse said in an e-mailed statement. Last week, Toyota said its.
Here's the list of estimated price increases for the top 10 vehicles:
- Toyota Corolla : $1,162 increase
- Toyota Camry: $1,762 (rounds up to $1,800 increase)
- Toyota RAV4: $3,676 increase
- Honda Civic : $947 increase
- Honda Accord : $1,178 increase
- Honda CR-V: $970 increase
- Nissan Rogue: $3,410 increase
- Fiat Chrysler Dodge Ram 1500: $1,910 increase
- Ford F150: $1,038 increase
- Ford Escape: $1.017 increase