NASHVILLE, Tenn. (WTVF) — Chris Fowles is quick—both with an oil change and a one-liner. "I am hanging in there like a hair in a biscuit," said Fowles, the general manager at Precision Tune Auto Care.
"There are going to be some supply chain issues for sure," said Fowles. "It is probably going to slow down production."
Fowles is referring to the tariffs President Trump announced Wednesday. These tariffs amount to 25% on all imported cars and car parts starting after April 2.
Lipscomb's professor of finance and economics, Julio Rivas, agrees. "We have not had tariffs this high for a very, very long time," said Rivas. "Switching car production is not something you just turn on and off and problem solved."
Both say that while this could bring production back to the U.S., that's going to take a long time.
Rivas says that prices for new cars currently at dealerships should stay the same until inventory runs out. "Those 60 days might be less; prices might go up faster."
Because American-made car companies also outsource parts, Rivas told us how much he thinks car prices will go up across the board, foreign-made or not.
"A general ballpark of $4,000 per new car all the way to $12,000; it all depends on what type of car you are getting," said Rivas. "The effect will be $4,000, and that is the price that you are going to have to pay."
We asked Rivas what he thinks about the future of the industry. "It might become a luxury industry," he said.
Rivas thinks about what the long-term goal will look like, saying, "I wish there were more clarity and we could see the overall strategy."
He said one solution to try to keep the costs of cars down in the future involves different ways to assemble cars in the U.S. that might be less expensive.
"The way in which this country needs to be different is through innovation," said Rivas.
Fowles had an immediate solution for drivers, which is to fix the cars they have. "It is getting down to the wire right now, so what I do recommend is to get to an auto repair center as quickly as you can," he said, recommending that drivers get an inspection and buy parts ahead of the prices going up.
"I'd rather have them than not be able to get them at all," said Fowles, who emphasizes that using quality parts means mechanics only need to install them one time.
Leaving you with one last one-liner: "You don't want to buy a pig in a poke, so look at what you are buying," said Fowles.
Do you have more information about this story? You can email me at Kim.Rafferty@newschannel5.com.
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