The supply of both new and used vehicles is decreasing as consumers rush to purchase cars before potential tariff-induced price hikes. According to Cox Automotive’s research, the supply of new vehicles has dropped from 91 days in March to just 70 days this month. Used vehicle availability has also decreased from 43 days to 39 days since the tariffs took effect. This aligns with Cox’s sales data, showing a 22% increase in new vehicle purchases compared to the usual pace for this time of year, with total sales up nearly 10% year-to-date. Used vehicle sales are up by 7% compared to 2024. Despite dealers stocking up ahead of the tariffs, which placed a 25% import fee on cars starting in April, Tesla sales have seen a decline. In California, Tesla sales are down 15% in Q1 of 2025, and globally, they are down 13%, marking the lowest in three years. This has reduced Tesla’s share of the electric vehicle market below 50% in California.
— new from Gizmodo