Economists have warned that tariffs could result in issues that mimic those caused by the pandemic and chip crisis. This already appears to be playing out as CarFax says the “surge in used car prices is nearly two times compared to this time last year and the surge in sales is more than twice what we saw last Spring.”
In effect, used cars are more expensive but selling like hotcakes. This can likely be chalked up to tariffs as consumers have rushed to dealerships to buy new and used vehicles before prices jump by thousands of dollars.
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