ROCHESTER, N.Y. – Higher prices are affecting the used car market following a 25% tariff on imported cars imposed last Thursday. Many rushed to dealerships in March to buy new cars before the tariffs took effect, causing a ripple effect in the used car market.
New vehicle sales in March jumped 38% month over month, while used car sales increased 32%, according to ZeroSum, a marketing and data science company. This is the highest jump since ZeroSum began collecting data seven years ago. By March 31, the increased demand had driven up used car prices by nearly $1,000.
Are you ready to pay a whopping $2,300 for your new iPhone? Rosenblatt Securities predicts a price increase of up to 43% if Apple passes the full cost of the tariff to consumers. Most iPhones are made in China, which is subject to a 54% tariff. An $800 iPhone could cost more than $1,140, and the iPhone 16 Pro Max, currently selling for $1,600, could rise to $2,300.
On a positive note, gas prices in Rochester have only increased by a penny to $3.10, compared to the national average, which rose almost 11 cents to $3.21. The cheapest gas in Rochester is $2.74 at Costco, BJ’s in Greece, and Valero in Greece on Dewey Avenue. However, analysts warn that prices in Rochester will likely begin to rise in the coming weeks.
Gas prices typically increase in the spring as refineries switch to the more expensive, federally mandated summer blend.
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