As tariffs take root, August new vehicle prices climb by the most in more than 2 years
According to data from Cox Automotive, 17 vehicle brands raised prices of their new vehicles by more than 3% in August.
It’s been five months since the Trump administration’s auto tariffs went into effect, and their impact is beginning to hit new vehicle prices.
According to data from Cox Automotive, new vehicle average transaction prices rose 2.6% in August from the same month last year. The industry average reached $49,077, the firm reported, representing the largest annual jump in more than two years.
Of the 31 car and truck brands Cox tracks, just five saw prices decrease year over year on the month, with Tesla, struggling to hold on to market share, being one of them.
With EV tax credits set to end on September 30, electric vehicle sales saw a boost in August. Customers racing to qualify before the credits expire have boosted sales for major automakers like Ford, which said its EV sales rose 19% in August. The category made up 9.9% of sales on the month, up from 9.1% in July, per Cox. The average transaction price for electric vehicles climbed to $57,245.
