If you’re thinking about buying a new car, you might want to hit pause and consider a few things first. A new study from the Anderson Economics Group (AEG) warns that prices are set to skyrocket due to Donald Trump’s 25 percent tariff on imports from Mexico and Canada, which is confirmed to take effect on March 4. And while that alone would be a blow to your wallet, it’s just adding to the chaos already simmering in the automotive industry.
The group based its findings on the proposed 25% tariffs against Mexico and Canada and a 10% tariff against China. Using those figures, it predicts that even small crossovers will see at least a $4,000 price increase. Large SUVs with “significant content” from Mexico would go up by roughly $9,000 and trucks would see a similar bump.
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