A proposed 25% tariff on imports from Canada and Mexico could result in a price hike of $3,000 to $10,000 for vehicles, impacting major automakers like General Motors, Ford, Toyota, and Honda. High prices compounded with elevated interest rates on car loans may dissuade consumers from purchasing new cars, leading them to keep older models. While automakers may shift production to the U.S. over time, such changes are not expected to alleviate high costs in the immediate future.
A proposed 25% tariff on Canadian and Mexican imports could raise car prices by $3,000 to $10,000, impacting various automakers beyond just GM and Ford.
The potential increase in vehicle costs, paired with high interest rates on loans, might lead consumers to retain older vehicles rather than purchase new ones.
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