For makes and models least-affected by the higher taxes, consumers could wind up paying an additional $2,500 to $5,000, according to an analysis from Michigan-based Anderson Economic Group. Midsized vehicles, including some passenger vans and pickup trucks, are expected to go up between $5,000 and $8,500. The highest expected jump is for full-size SUVs that contain parts from Canada, Mexico and Europe, ranging from $10,000 to $12,000 more per vehicle.
And some imports could cost $20,000 more, the group found.
Many manufacturers, dealers and assembly line workers were initially optimistic about potential for improved business under Trump. The new administration signaled potential to a reduce electric vehicle mandates, ease fuel economy regulations and cut taxes for consumers pained by inflation pressure, said Patrick Anderson, president of AEG, the consulting and research firm that focuses on the auto industry.
“Now there is somewhere between shock and pessimism throughout the industry,” Anderson said.
Consumers stand to bear most of the increased costs, Anderson said. Those looking at the impact of tariffs should buy a new car “right away” if they see one with the desired equipment, he said, or take good care of the used one they own.
“It’s about to become more valuable, and you’re probably going to be driving it longer,” he said.
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