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If tariffs remain, everyone will pay more, Schoepp added. “The car business will definitely hurt if the tariffs go in place. If (Trump) sticks to his guns, yeah, new cars could go up as much as 25%.

With a 25% tariff about to hit every imported car, many Americans are wondering whether it’s better to buy or lease a vehicle before tariffs go into effect, or wait to see how things will play out.