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Seven Charts Showing How Canada/Mexico Tariffs Would Harm the US Auto Industry (and American Car Buyers)

Allan said:
Americans will now pay $3,000 more for a new car.

And plant shutdowns in all three countries.



Click to expand...
Good. Americans are beyond stupid when it comes to their obsession with buying new cars they can't afford. If you have to finance a new car, you can't afford it, with a few exceptions (very low interest rates or very favorable lease terms). About 80% of new cars are financed and the average interest rate is 6.61%. Meanwhile, the average credit card balance is over $7K. Anything that discourages people from purchasing a rapidly depreciating asset is a good thing. In order for the US to emerge from it's current fiscal crisis, serious cultural changes will be necessary. Including not buying $80K pickup trucks for one person to commute to work.
 
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