Michigan Residents Could See Much Higher Car Note Payments Soon

The talk around the country has been centered around the new administration and all of the changes they are trying to make to the country. President Donald Trump and his regime have made it abundantly clear that they are looking to purge the federal government as we know it and reestablish a new system. This has gotten tons of mixed reviews as they continue to move forward with their plans.

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There is one move of theirs that is getting far more attention than the rest because it affects not only those of us in the states but also other countries. President Trump has not been shy is imposing tariffs on foreign countries and the goods they import and export in and out of America. This has caused tons of backlash all over the world as many people don't agree with the actions.

Michigan has seen more effects from this situation than many other states as our neighboring country to the North, Canada, has expressed disdain for the tariffs and is not afraid to retaliate, including cutting power to Michigan and several other states. Also, Michigan has seen the job market begin to be affected too as people are being laid off or companies are shutting down because of the tariffs.

Higher Monthly Car Payments Coming To Michigan Soon

One of those industries that has been largely affected is the automotive industry. The automotive industry has taken the biggest blow as the materials needed to manufacture vehicles to imported vehicles have all been heavily taxed during the tariffs. Those tariffs have now reached as high as 25% on imported good and it's costing us here in America too.

It's estimated that a new car would cost Michiganders and people all over the country significantly more money now that the tariffs have been imposed. Purchasing a new car from the lot this year could cost you about $788 a month which is $90 to $180 more per month. Overall, the cost of trucks and cars could be anywhere from $5,000 to $10,000 more expensive after the tariffs have gone into effect.

Many of the cars made by American based automotive companies are actually made in countries like Mexico, Canada, and many others which means they will see a price hike as well. In fact, some automotive companies have decided to cancel their shipments to America in the wake of the tariffs including Jaguar/Land Rover/Range Rover.