Car Prices, Tariffs, and Trade-Offs: What to Know Before You Buy or Move Out

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 10 April 2025

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

Learn how tariffs could impact car prices and how to know when it’s OK to spend instead of save. Should you buy a car now before prices rise due to tariffs? When is it okay to stop saving aggressively and spend more? Hosts Sean Pyles and Elizabeth Ayoola discuss recent auto tariffs and navigating major money moves to help you understand how external events and internal goals shape your financial plan. Joined by NerdWallet news writer Anna Helhoski and auto writer Shannon Bradley, they begin with a discussion of auto tariffs, with tips and tricks on when to buy a car, how much prices might rise, and when, if ever, they might come down. Then, personal finance writer Amanda Barroso joins Sean and Elizabeth to help answer a listener’s question about shifting from a strict savings mindset to one that allows for spending with purpose. They discuss how to create a flexible budget, build credit before moving out, and define life goals that money can help achieve. NerdWallet’s free investment calculator will calculate how much your investments will grow based on your planned contributions, timeline, rate of return and compounding frequency: https://www.nerdwallet.com/calculator/investment-calculator In their conversation, the Nerds discuss: auto tariffs 2025, car price increases, how tariffs affect car prices, used car prices 2025, new car tariffs, imported car taxes, car dealership pricing, buying a car before tariffs, Trump car tariffs, steel and aluminum tariffs, cost of imported vehicles, auto financing tips, how to build credit, authorized user credit, rent reporting services, when to stop saving money, how to enjoy money responsibly, 50/30/20 budget rule, financial goals in your 20s, when to move out of your parents’ house, financial independence early, investing vs life experiences, saving vs spending, credit score for renters, best time to buy a car, federal EV tax credit, retirement savings benchmarks, budgeting for rent, planning life around money, living intentionally with money, tracking net worth, and emotional spending habits. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:22.0	Shopify is made for entrepreneurs like you.
0:24.4	Sign up for your $1 a month trial at Shopify.com slash setup.
0:30.3	Elizabeth, I don't know about you, but if I never hear the word tariff again, it will be too soon.
0:35.7	But it's our new reality, Sean.
0:38.1	And they have the potential to affect just about everything we buy, including, perhaps most
0:43.9	expensively, cars.
0:45.7	Tariffs are driving up the costs of all kinds of goods, including ones we drive.
0:50.2	So we're going to talk about how to manage that cost.
0:56.8	Welcome to Nerd Wallet's Smart Money Podcast, where you send us your money questions, and we
1:01.3	answer them with the help of our genius nerds.
1:03.8	I'm Sean Piles.
1:04.8	And I'm Elizabeth Ayola.
1:06.7	This episode, we're talking about letting loose a little with your money when you're ahead of the savings game.
1:12.2	It doesn't always have to be about frugality.
1:14.8	But first, our weekly Money News Roundup, where we break down the latest in the world of finance to help you be smarter with your money.
1:20.5	Unless you've been living in the desert for the last few weeks, you know we are in a new era of tariffs.
1:26.7	President Trump has called tariff, quote,
1:29.6	the most beautiful word in the dictionary. And he's followed through with one of the most
1:34.2	significant trade wars in modern history. Our news colleague, Anna Halhouski, is here with more. Give us
1:40.7	the scoop, Anna. Hey, Sean. Well, frankly, my anxiety is at a 10 right now with the back and forth nature of these
1:47.5	tariff proclamations.
	...

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