If you’re shopping for a new car, you might want to act now before tariffs push prices higher.
That’s because sticker prices are still hovering near pre-tariff levels, in part because many models on dealer lots were built before the new rules took effect.
“There’s a lot of uncertainty, but retail prices are holding pretty steady,” says Mark Schirmer, a spokesperson for Cox Automotive. In May, the average transaction price for a new vehicle was $48,799, virtually unchanged from April, according to Cox’s data.
“We’re not quite seeing the full impact of the tariffs yet,” says Joseph Yoon, consumer insights analyst at Edmunds. The automotive research firm’s data shows monthly payments on new loans for both new and used vehicles rose slightly in May — an increase in line with typical month-to-month changes.
As of June, the Trump administration has imposed a 25% tariff on imported vehicles and many foreign-made auto parts. The policy includes temporary exemptions for some components from USMCA countries, announced in April, but most imports still face added costs.
