US EditionAverage cost of US-made cars now pricing out consumers on a budget
- President Donald Trump imposed 25% tariffs in April and May 2024 on imported passenger vehicles and auto parts in the U.S.
- The administration is working to increase domestic car manufacturing by motivating automakers to relocate their production facilities within the United States, despite worries that this could lead to higher prices for consumers.
- Vehicles assembled domestically average $53,000, higher than the $49,000 overall average, while budget-friendly models under $30,000 are mainly imported due to lower foreign manufacturing costs.
- Industry analyst David Greene said affordable imports under $30,000, which made up 90% of April's imports but only 13% of inventory, are the most vulnerable to tariffs and shrinking supply.
- The tariffs have raised prices, reduced leasing incentives, and pressured budget and middle-income buyers, forcing shoppers to consider an average of 4.1 brands to find affordable options.
13 Articles
13 Articles
The average price of a new car in the US already exceeds $50,000 driven by the disappearance of economic models and the high demand for SUVs and pickups
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Buying a high-mileage car? Do these five things first
Sergii Zysko via iStockOk, so buying a new car isn’t for everyone. After all, the average price of a new car for American buyers is dangerously close to that eye-watering $50,000 mark. What’s the alternative? A used car, of course. But you don’t have to avoid that high-mileage car deal for fear of six figures on the odometer. Instead, you can take careful steps to get the right deal without the crippling worry. You don’t have to steer clear of a…
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