April 7, 2025

Economy

NC expected to see higher insurance rates, car prices as a result of Trump’s tariffs

The price of car parts will go up by more than 25%, which will affect the majority of vehicle prices since many, including ones built in the U.S., use parts from Canada and Mexico. Car prices will go up for around 90% of new cars made in North America, according to Matthew Metzgar, an economics professor at UNC Charlotte.  A recent study suggested that some car prices, particularly full-size trucks and SUVs, could go up by as much as $10,000. 

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