Ahead of Trump’s auto tariffs, are U.S. consumers rushing to buy cars?

President Trump’s recent announcement of tariffs on automobiles has sent shockwaves through the automotive industry. The 25% tariff rate on vehicles and auto parts imported into the U.S. is set to go into effect on April 2, leading to concerns about increased costs for consumers. As a result, many shoppers are rushing to dealerships to purchase vehicles before the tariffs take effect.

Experts are warning consumers that car prices are expected to rise under the new tariffs, prompting many to take action now to avoid paying thousands of dollars more in the future. Joe McCabe, president and CEO of AutoForecast Solutions, advises that now is the best time to buy a car, as existing inventory has not yet been impacted by the tariffs.

One consumer, Val Hird, shared her experience of rushing to purchase a pre-owned Toyota RAV4 Plug-in hybrid before the tariffs go into effect. Hird was concerned about the potential price hikes and decided to act quickly to secure a deal on her preferred vehicle.

Dealerships are reporting an increase in discussions about the tariffs among consumers, with many shoppers expressing concerns about the impact on car prices. Data from Cox Automotive shows a surge in car shopping activity following the announcement of the tariffs, with more consumers researching and inquiring about new and used vehicles.

Analysts suggest that consumers should act fast to purchase a vehicle before the tariffs take effect, as prices are expected to rise once the levies are implemented. Dealers are seeing increased interest in vehicles on their lots and are advising consumers to make their purchases now to avoid paying more in the future.

Overall, the looming tariffs on automobiles are creating uncertainty in the car-buying market, prompting consumers to act quickly to secure deals before prices go up. It’s essential for cost-conscious consumers to consider making their purchases now to avoid being priced out of the market once the tariffs are in place. The time to buy a car is now, before the tariffs make vehicles more expensive.