Used car buying tips with auto tariffs looming

We are getting a clearer picture of how President Donald Trump's tariffs on car imports will impact the auto industry.

New analysis shows levies could lead to the sharpest decline in vehicle sales since the 2008 financial crisis and the COVID-19 pandemic.

Experts say, if you know you'll need a new or used car within the next few months, it is a good idea to buy now.

But that doesn't mean you should panic and rush your decision. It is more important than ever to do your homework and buy wisely.

Keith Barry, with Consumer Reports, said when shopping for a new car -- even in these times -- do not focus solely on purchase cost.

"Absolutely, we like to say there's no such thing as a good deal in a bad car," Barry said.

Like vehicle prices, repair costs are also likely to increase.

The White House said a levy on important auto parts is expected by May 3.

"And very often, the cars that are the most heavily discounted are the same cars that were at the bottom of our reliability ratings at the bottom of owner satisfaction ratings," said Barry.

Barry said, when you are ready to compare prices, Consumer Reports has a tool that takes data from over 12,000 dealers.

"And it not only shows what the MSRP of a car is, but it shows what people in your area have paid for a similar car," he said.

Consumer Reports also said to consider leasing.

"It will give you a predictable payment on a new car that's under warranty the whole time you lease it. And you can kind of step back from the whole chaos of new car pricing,"
Barry said.

If you're looking to buy used, beware, as experts say prices are already inflated.

"So normally around this time we would see a bump in sales and a bump in prices, but right now there's an abnormal increase," said Em Nguyen with CARFAX.

CARFAX said in the Mid-Atlantic, prices on used vans and minivans rose nearly 4% from February to March, meaning a $30,000 minivan is now $1,200 more.

"You wanna make sure you do your research. You wanna look at the vehicle history report," said Nguyen.

Look at the vehicle's service records and accident data.

"And then something that's key there before you buy -- you wanna get an inspection," Nguyen. Said.

Both experts said even if you see a good deal online, meet the seller in person to take the car for a test drive and to get that pre-purchase inspection done by a trusted, independent mechanic.