New and used car prices are likely to rise under President Trump’s tentative trade deal with Mexico, so now may be a good time to buy a vehicle, according to industry experts.
Analysts said that they’ve seen a shift this summer.
Used car prices typically dip in the summer. But they’re gone up 10 weeks in a row.
President Trump’s tentative trade deal with Mexico is expected to push new car prices and parts higher, according to Autotrader.
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The anticipated rise in new vehicle prices mean consumers will be looking for used cars, and that expected demand is causing a shift.
Aariana Mcintosh is looking to buy her first car.
“I’m trying to get a car,” she said. “I’m trying to get a nice one too, but I don’t know.”
She knows what she wants and she knows it won’t be cheap.
“A 2015 Dodge, so that’s not new, but that’s still a nice car,” Mcintosh said. “So it’s going to be expensive — it’s $26,000.”
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This long Labor Day weekend car buyers can take advantage of clearance prices as dealerships make way for 2019 models. Car-buying website Edmunds said there is still a good selection of 2018 models to choose from.
“Realistically we have just about anything that anybody could need,” said William Shultz, general sales manager at Matt Castrucci Auto Mall.
Dealers at Matt Castrucci Auto Mall are running incentives.
“To counter any kind of increased prices that are coming up, Nissan has been running a zero percent on all models,” Shultz said. “That may translate over to the customers.”
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For Mcintosh, she said she’ll have to act quickly or she fears she’ll have to pay even more down the line.
“That’s a lot more that I have to save up to try to get a car and be more independent,” she said.
If you are looking for a new car and can’t get out today, experts said many Labor Day sales and incentives will last another week or so.