12 Cars To Buy Now If You Think Trump Will Win the 2024 Election
The future is, as always, up in the air. But it’s possible that some changes to the automotive industry could take place after the next presidential election. If Donald Trump ends up back in office, some experts think that certain vehicles could fluctuate in value.
Some of this could be due to direct policy changes — like cutting subsidies for electric vehicles or policies that make foreign-made vehicles more expensive. But other factors, like inflation or interest rates, could also play a role.
Regardless, here are some cars to consider buying now if you think Trump will win the 2024 election, according to automotive and political experts.
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Electric Vehicles (Like Tesla)
“If Donald Trump wins the 2024 election, there may be a reduction in subsidies for electric vehicles,” said Kateryna Odarchenko, a political strategist and partner of SIC group USA LLC. “Trump’s previous administration focused on rolling back environmental regulations, and a similar approach could lead to decreased incentives for EVs, potentially lowering their market value.”
If this happens, Odarchenko said EV companies — such as Tesla, Rivian and Lucid Motors — could become less attractive next year. If you want to buy an electric vehicle, now might be the best time to do so, since you could still potentially get these incentives.
Examples of electric vehicles to consider buying now include:
2024 Tesla Model 3
2024 Rivian R1S
2024 Lucid Air
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Hybrids and Internal Combustion Engine Vehicles
Odarchenko said that certain vehicles, specifically internal combustion engine (ICE) vehicles and hybrids, may become more popular if Trump is re-elected. This also means they’re likely to become more expensive.
“If subsidies for EVs are reduced, there could be an increased demand for traditional internal combustion engine vehicles and hybrids,” she said. “Brands that are strong in these categories, such as Ford, General Motors and Toyota, might see a rise in value as they become more cost-competitive compared to EVs.”
So, if you’re in the market for one of these types of vehicles, getting one now could be more cost-effective than waiting until after the election.
Popular ICEs to consider include:
Kira Forte
Volkswagen Jetta
Hyundai Elantra
Nissan Versa
As a note, many of these automobile companies also produce hybrids.
Domestic Brands (Like Ford and General Motors)
“I believe that Trump’s emphasis on boosting domestic manufacturing could positively affect American car brands,” said Joe Giranda, director of sales and marketing at CFR Classic. “Companies like Ford and General Motors, which have a significant manufacturing presence in the U.S., might see an uptick in value.”
The reason for this is that a Trump administration is more likely to implement policies that favor domestic production — and domestic automobile makers. Policies, Giranda noted, might include tax incentives that make purchasing one of these vehicles more attractive.
“In my opinion, if you’re considering purchasing a vehicle before the election to potentially save money, American brands like Ford and General Motors might be a safer bet,” he said. “These brands could benefit from a favorable policy environment that supports domestic manufacturing and economic growth.”
Possible examples of these vehicles include:
2024 Ford Mustang
2024 Chevrolet Equinox
International Brands (Like Toyota or Honda)
If Trump is elected, and if he ends up introducing policies that cause international goods — and cars — to skyrocket in price, you might also want to consider purchasing an international brand vehicle before the election. Just like with electric vehicles, doing this could potentially mean a lower price tag.
“We might see some volatility with foreign car brands, especially if trade tensions were to escalate,” said Giranda. “Brands like Toyota, Honda and BMW … could be affected by changes in trade policies or tariffs.”
Giranda did note that any price increases on imported or internationally-made vehicles could be short term only. It all depends on what actually happens with the election and the coming years.
Based on that, here are a few of these vehicles to get now to save money later:
2024 Toyota Corolla
2024 Honda Accord
2024 BMW 5 Series
Do Your Due Diligence
“There is a good chance that if Trump becomes president, car prices could go up significantly,” said Ben Michael, director of auto at Michael & Associates. “One thing he’s been very vocal about wanting to do is impose significant tariffs on imported goods, and since the U.S. imports not only cars but materials for car building, that could lead to a sharp decrease in what auto-related parts and models we bring into the country. This would reduce supply, which would in turn increase prices on what we do have available here in the U.S.”
Regardless of who wins the election, do your research before purchasing any vehicle. Make sure it fits into your budget and needs. Even if certain brands do increase in price — or drop in value — after this year, what matters is choosing a vehicle that you’re happy with and that doesn’t cause undue pressure on your wallet.
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: 12 Cars To Buy Now If You Think Trump Will Win the 2024 Election