Tariff price shock absorbers: In 2019, the average price of a new car in America was less than $40,000. But in the years since the pandemic, prices of new vehicles have risen rapidly. As of October 2024, the average price of a new car was more than $47,000.
Incoming President Donald Trump's threatened tariffs could raise those prices by nearly $3,000, according to an estimate from Wolfe Research, since the cost of tariffs is likely to be passed on to consumers.
