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The efforts to bring manufacturing to the United States is having a huge impact on global trade – especially the automotive industry. Automakers and dealerships are preparing for what new tariffs mean for the market, but how do they affect the everyday car shopping experience? Major economic shifts typically lead to confusion and a lack of confidence for buyers. Let’s explore how you can find peace of mind during your purchase.
What are tariffs?
Tariffs are a tax on imported products. Many automotive manufacturers create their parts and vehicles in factories overseas and ship them to the United States to be sold. When the companies providing these goods have higher cost of production, it may lead to higher prices for the consumer.
As production prices rise, manufacturers may choose to limit or discontinue certain vehicle models. It could become hard to find that vehicle you’ve been dreaming about. Some automakers have already paused production as they navigate tariff impacts, while others are dropping prices in order to capture customer attention.
The Solution for Drivers
Although the news of impending tariffs may cause you to be hesitant, there is no better time to purchase your next vehicle. Dealerships are adding to their inventory as much as possible to prepare for the coming months, leading to a wide variety of vehicle options and prices. This allows you to have a better opportunity to find the vehicle that meets your every need at a price you can afford. As inventory possibly decreases, this could make it harder to find exactly what you’re looking for with less flexibility for price and financing options. You may be able to avoid long-term negative effects of tariffs by beginning your purchase process now.
*Disclaimer: Effects of automotive tariffs may vary due to ever-changing political, economic, and industry developments. The information in this blog post was written based on trends and current conditions. These predictions should not be taken as factual representations of future events. It is our recommendation that consumers stay up-to-date with factual information before making any purchase decision.
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