Rochester, N.Y. -The price of your next car likely already went up due to the recent surge in car buying in March. According to ZeroSum, a vehicle marketing and software company, sales of new cars in March increased by 38% and used cars by 32% in March as shoppers rushed to get ahead of the implementation of the Trump tariffs. This increased demand drove up prices.
“We saw for the first time since October of 2022, used car pricing went up,” said Karl Brauer, executive analyst at iSeeCars.com.
By March 31, the average prices of new and used cars shot up almost $1,000.
Deanna Dewberry, News10NBC: “A thousand dollars from the standpoint of a consumer is a lot in a month. Could this only get worse?”
Karl Brauer: “So what we’ve done is we looked at what happened with the pandemic. Because with the pandemic, you had restricted new car supply and people went to the used car market instead and drove up the price of used cars.”
Brauer says just as supply restrictions during the pandemic caused car prices to skyrocket, tariffs could do the same.
“The price during the pandemic of used cars went up about 8.2% in eight months. And if we saw a similar rise because of these tariffs, we’d see another 5 to 10% over the next 6 to 12 months,” Brauer said.
For those who have been on the sidelines but know they’re going to get another car at some point, Brauer says it may already be too late to avoid the first of likely several price increases.
“If you haven’t already purchased, you’re probably already going to pay more than you would have two to three weeks ago. The trick is what are you gonna pay in two to three months?” Brauer said.
He says to consider the fact that during COVID, car prices rose 1% per month over an eight-month period. But many questions remain, such as how long the tariffs might remain and if the president might exempt certain countries. These unknowns can all affect the price consumers pay.
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