Tariffs could raise car prices, but there are still ways to save

Ford recently announced a promotion that offers employee pricing on most 2024 and 2025 Ford and Lincoln models through June 2. Depending on the vehicle, buyers could save thousands with the

employee discount, a Ford spokesperson says. 3. BE FLEXIBLE “If you’re shopping for a deal, you may not end up buying the same kind of car you had last time,” Quiroga says. You might have to

settle for a different model or an entirely different brand. Even if the type of car you want is being offered at a price you can afford, it might not be available in your preferred color

or trim. So, now is the time to be open-minded when it comes to deciding what features are must-haves versus nice-to-haves. 4. DON’T EXPECT TO NEGOTIATE A DEEP DISCOUNT “The days of being

able to walk in and negotiate five grand off the price are gone,” Barry says. Still, researching car prices can help you zero in on the best deal. Instead of using a vehicle’s sticker price

or MSRP to guide your price negotiations, see what local shoppers are paying for the specific model, Barry recommends. Consumer Reports has a Build and Buy Car Buying Service that its

members can use to see what others near you are paying for the car you want. In addition, CarFax, Edmunds, Kelley Blue Book and TrueCar show how much specific cars are selling for in your

area based on recent sales data.  “The best deal is where you’re paying less than your neighbor,” Barry says. “You might be paying $2,000 more than sticker, but everyone else is paying

$3,000 more. 5. SHOP AT MULTIPLE DEALERS Prices and fees can vary significantly between dealerships, especially as tariffs impact inventories differently, Barry says. One approach: Go to the

auto manufacturer’s website and search inventory for the car you want at dealerships within, say, a 50-mile radius (or more, depending on how far you’re willing to travel to get the best

price), and contact multiple dealers for quotes. Auto loan offers can also vary by dealership. According to a LendingTree survey, car buyers who shopped for loans on its auto loan

comparison platform could have saved an average of $5,198 over the life of their loan by opting for the offer with the lowest interest rate versus the highest rate. CONSIDER STICKING WITH

THE CAR YOU HAVE Depending on the age and condition of your vehicle, it might make financial sense to stick with the car you have and make any necessary repairs instead of purchasing a new

one in this market. “If it has some life in it … we’ve found that there are a lot of cars out there that can get to 200,000 miles,” Barry says. If your car needs repairs, get them done

quickly — before the 25 percent tariff on imported parts takes effect on May 3. Not only could the tariff raise prices for car parts, it could also make it harder to have repairs done at all

if foreign manufacturers halt production, Moody says.