New and used car prices set to rise due to Trump tariffs: experts [BNN Bloomberg (Canada)]
Stellantis N.V. Common Shares (STLA)
Company Research
Source: BNN Bloomberg
Prices are already rising on some used cars as sellers anticipate buyers looking for a better deal compared to a new vehicle, said Sean Mactavish, CEO of used-car marketplace Autozen. “New car prices go up. People (look) into the used cars, and then that increase in demand drives the prices up for used vehicles,” he said. Consumers are likely to trade down to used cars or even delay major vehicle purchases as they grapple with uncertainty and higher prices, said Mactavish. Once the tariffs start rolling through the supply chain, prices on new cars are expected to go up too, said Baris Akyurek, vice-president of insights and intelligence at Autotrader.ca. “It's inevitable that there's going to be an increase in new car prices,” said Akyurek. He added that demand for used cars was rising for weeks before the new tariffs were enacted as consumers anticipated what could be coming. “We believe that some of those consumers who wanted to get ahead of these potential increases, t
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