Analysis: How Potential Tariffs Could Impact Car Prices
July 9, 2018—Potential trade tariffs being explored by President Donald Trump’s administration on vehicle and auto parts could cause a significant increase in the price of multiple vehicle models, according to research conducted by AutoWise.
AutoWise calculated potential price increases for the 10 best-selling vehicles currently, using the proposed 25 percent tariff on imported vehicles and auto parts, with the aid of data from the National Highway Traffic Safety Administration. Of course, because the U.S. auto industry is so entwined globally, virtually all the vehicles sold in this country contain imported parts.
With that in mind, here’s the list of estimated price increases for the top 10 vehicles, as noted by CBS News:
- Toyota RAV4: $3,676 increase
- Nissan Rogue: $3,410 increase
- Fiat Chrysler Dodge Ram 1500: $1,910 increase
- Toyota Camry: $1,762 (rounds up to $1,800 increase)
- Honda Accord : $1,178 increase
- Toyota Corolla : $1,162 increase
- Ford F150: $1,038 increase
- Ford Escape: $1.017 increase
- Honda CR-V: $970 increase
- Honda Civic : $947 increase