A 25% tariff on imported vehicles and some auto parts is on the way.
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Auto industry experts are encouraging consumers to act now if they’re in the market for a vehicle.
“If you’re already in the market to buy a car, go ahead and speed that process up just a little bit,” said Brian Moody of Autotrader.
Moody says consumers could see stiff competition for used cars as interest in brand-new vehicles is likely to decline.
That’s why some car salesmen are encouraging shoppers to act fast while pre-tariff inventory is still on the lot.
“Our pricing hasn’t been affected yet since the announcement of the tariffs on the news. We’re expecting it to be soon,” Jeremy Lane of Autoline Preowned shares.
Lane says prices could go up anywhere between $5,000 and $12,000 dollars.
Moody says to not let the pressure to purchase quickly get in the way of your discretion though.
“What happens when there’s pressure, people sometimes start to look for amazing deals. So just like always, if it seems too good to be true, it probably is,” Moody says.
On March 26, President Donald Trump signed a proclamation imposing the 25% tariff, calling it an action to end unfair trade practices.
An update from the White House says the new tax will be applied to imported passenger vehicles and some key parts, like engines and transmission. The tariff is set to go into effect on April 2 and is to be collected on April 3.
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