The Colorado automotive industry is preparing for significant price increases following the announcement of a 25% tariff on steel and aluminum imports from Canada and Mexico. Local businesses expect rising costs for both vehicle repairs and new car purchases.
Shiju Thomas, owner of Advanced Transmission Center in Denver, said suppliers have warned that prices will rise throughout the supply chain. Tim Jackson, former CEO of the Colorado Automobile Dealers Association, noted that tariffs could increase vehicle prices by $1,000 to $5,000, depending on the model.
Experts advise consumers to buy new vehicles or complete major repairs soon to avoid price hikes. If the tariffs take effect on March 6, higher costs could persist for years.
