There are so many rumors swirling about the tariff changes. It can be challenging to understand how they impact you. We’re providing some tariff transparency at MileOne Autogroup so you can see how you may be affected.
Tariffs, Explained
Tariffs are the taxes that we pay for imported or exported goods. These taxes apply to everything from clothing and electronics to automobiles. Tariffs are a percentage of the product’s total cost.
How Have They Changed?
New tariffs have recently been implemented on a variety of goods, and some existing tariffs have changed. In the automotive industry, the most significant changes we’ve seen are increases in many automotive materials, such as steel and aluminum. Plus, there are increased tariffs on vehicles themselves, as well as auto parts.
How Am I Affected?
The most significant change you’ll see is the price of vehicles. By paying increased tariffs, manufacturers will have to increase the price of their cars. You could also pay more for service and repairs, due to the increased cost of auto parts. As parts become more expensive and limited, the availability of vehicles can also diminish overall.
What Can I Do?
While it’s hard to predict longer-term impacts given the current environment – especially since each automaker is dealing with this uncertainty in different ways – there’s one thing you can know for sure: the state of play right now. If you’re considering a major purchase or repair, acting sooner rather than later is wise; so, too, is signing up for maintenance agreements that can hedge against price inflation.
Explore Our Auto Inventory in Silver Spring, MD
As prices climb and inventories change, now is an opportune time to get into a new vehicle. Whether you’re looking for Maryland auto dealerships or a dealership in Virginia, North Carolina, Delaware, or Pennsylvania, we have a convenient location for you. Our 66 dealerships represent 25 automobile brands, so we’re confident we have a match for you. Don’t wait – stop by today!