Car buyers are rushing to dealerships to secure deals before President Trump’s auto tariffs potentially increase prices by thousands of dollars. Hyundai Motor North America reported a 13 percent sales increase in March, while Ford Motor saw a 19 percent rise in dealership sales for the same month. However, Ford’s overall quarterly sales dipped due to a decline in fleet customer purchases.
General Motors reported a 17 percent sales increase in the first quarter. The looming 25 percent tariffs on imported vehicles are expected to force carmakers to raise prices significantly to offset the new levies. Many are already seeing a surge in sales of electric vehicles and hybrids as a result.
G.M. reported a nearly doubled sales increase of battery-powered vehicles, while Toyota saw a 44 percent rise in sales of hybrids and electric vehicles in North America. Ford also noted a 33 percent increase in hybrid vehicle sales. Hyundai and BMW reported significant increases in sales of electric vehicles as well.
Despite uncertainty surrounding the impact of the tariffs on their prices, carmakers like Hyundai are urging buyers not to delay purchases. The industry is bracing for potential price hikes that could make vehicles significantly more expensive. With the current demand for car purchases, it seems that consumers are heeding the advice to secure deals before potential price increases.
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