TIGARD, Ore. ( KOIN – Following the imposition of extensive new tariffs, automobile dealerships are gearing up for uncertain periods ahead.
Greg Rempensperger from the Oregon Auto Dealers Association mentioned that tariff discussions are taking up most of his working hours. Working alongside car dealers throughout Oregon, he stated that the primary issue they currently face is uncertainty.
Since dealers anticipate prices increasing gradually, Rempensperger pointed out this presents a challenge for them as they must locate an affordable vehicle for potential buyers.
When such additions lead to a significant rise in the car’s price, it becomes challenging," he stated. "Those who will suffer the most from this are precisely those who can afford it the least.
These variations can differ from vehicle to vehicle.
We expect — particularly with luxury models — that the prices might rise by at least $2,000 and potentially exceed $10,000," Rempensperger noted. "The uncertainty remains as to how this will affect each individual carmaker.
As per Rempensperger, what dealers anticipate will hinge on the finance sector since manufacturers step in only when interest rates decline.
He mentioned that the financial branches of companies like General Motors, Ford, or Toyota might offer lower interest rates specifically to mitigate some of these costs, making it easier for consumers to afford a monthly payment that suits their budget.
Even though it’s challenging to forecast future events, Rempensperger pointed out that recently, there has been an increase in sales.
This past weekend was among our finest in years," he stated. "Additionally, as folks aim to purchase before the price hike takes effect, it’s important to remember that currently, what’s available isn’t subject to tariffs. Moreover, we have an ample stock at hand.
Once these tariffs come into effect and begin impacting the vehicles being imported, dealerships will need to modify their stock levels. Therefore, if you've been considering purchasing a new car, Rempensperger suggests taking action sooner rather than delaying your decision.
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