- Auto expert Patrick Anderson says new tariffs could raise car prices by $4,000 to $10,000 per vehicle.
- Eaton County car dealer David Howe warns that finding affordable, low-mileage cars is already tough—and tariffs could make it harder.
- Watch the video above to see how these developments could affect your wallet.
(The following is a transcription of the full broadcast story)
These are all the cars left on the lot here at Beacon Auto Sales in Charlotte.
"The struggle is real trying to find a good used car with low miles."
David Howe is the owner and says while his used car inventory has dropped, his service department has seen a jump in business.
"Just about probably doubled the last four to five years," said Howe.
He attributes that to the rising costs of cars and neighbors deciding to hang onto their cars longer.
"People are not minding spending a couple thousand in the service department rather than the big money on new cars," said Howe.
He says that's causing him to have a harder time getting an inventory of lower-mileage cars and says new tariffs could make it even tougher.
"This will be a new chapter for the automobile dealers," said Howe.
According to the Lansing Economic Area Partnership, General Motors is the 4th-largest employer in the tri-county area of Eaton, Clinton, and Ingham counties.
So, I know the industry has an impact on many of our neighbors.
Looking at the bigger picture, I went to Patrick Anderson, who has decades of experience studying the auto industry.
"I expect you're going to see a lot of Americans hold onto their cars for longer," said Patrick Anderson, Principal and CEO of Anderson Economic Group.
The announcement of tariffs has caused his business to look into the possible effects they will have on consumers.
"The Anderson Economic Group estimates that these kinds of tariffs would increase the cost for typical vehicles between four and ten thousand dollars per car, and that's because there is so much content going back across the border and also because Canada and Mexico imposed tariffs on our goods as well," said Anderson.
Anderson added that if you are in the market for a new car and the dealer has the options you want in stock, buy now.
And for Howe, he says he'll be continuing his search even though it can be a struggle.
"Trying to find their cars with the low miles that are out there, it's really tough to do," said Howe.
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