Southfield, Michigan - Akio Miller and his wife are accelerating their search for SUVs in the suburbs of Detroit, testing the new Hyundai, which could soon raise prices for one reason 25% tariff.
"With everything rising tariffs and car prices, I want to know what we might need to see soon," Miller told CBS News.
Miller said he "certainly" feels they'll pay more if he's waiting to buy the vehicle.
"The car is already expensive," Miller said. "Then, now they are paying additional tariffs, which I want to call, will be beyond our price range."
The miller is not alone. New car sales surged nationwide in March, up more than 17% from February and nearly 12% from last March, according to a Cox Automotive Automotive auto market report. Cox Automotive found that dealer inventory of pre-race vehicles also fell by 10%.
However, A study of release Earlier this month by Automotive Data Corporation S&P Global Mobility determines that if tariffs are held, overall U.S. vehicle sales are expected to fall by 700,000 this year, down 1.2 million in 2026.
“In March, your sales are basically what people buy before the tariffs,” economist Patrick Anderson told CBS News. “That means, unfortunately, we’ll be selling lower later when these people don’t buy cars that they were originally going to buy.”
25% tariff On vehicles and auto parts imported to the United States on April 3. President Trump announced Tuesday that he will make sure they are No charges The tariff on steel and aluminum is 25%.
About 90% of the parts in the Hyundai Ioniq 6 sedan, and the price of George Glassman’s dealership is made in South Korea. Glassman said that if the tariffs remain in place, it is a vehicle that will raise its price.
"There is no doubt that it will go up," Glassman said. "The question is, how much it will go up."
This unknown resulted in March sales months at Glassman, Hyundai, Kia and Mitsubishi dealerships in suburbs of Detroit.
"We've already stocked up at higher prices," Glassman told CBS News.
He said that after the tariffs come into effect, vehicle prices will rise “immediately”.
"I don't think there is any doubt about this," Glassman added.
