How a Trump vs Biden Win Could Impact the Cost of a New Cars in 2024

The 2024 United States Presidential Election is still months away, but the current front runners are former President Donald Trump for the Republican party nomination and President Joe Biden for the Democratic party nomination.

If Election Day turns out to be a Biden-Trump race, and if Trump secures a win, many Americans may wonder what his impact may be on the automotive industry. A second Trump term could impact new car prices.

If Trump wins the 2024 election, we can guarantee the electric car mandate will be canceled. Trump has stated so in his many election campaign events. He said there WILL be options for Americans to choose the vehicle they want.

Currently, the Inflation Reduction Act allows consumers to receive 7,500 dollars back in tax credits on US-made electric vehicles. More than 100 billion dollars have been invested into electric cars, according to those in the auto industry, and over 100,000 American jobs have been created because of these investments.

In September 2023, CNN reported Trump made claims at a Detroit rally that EVs were too expensive and added that “electric vehicles are gonna put [automakers] out of business.” On the social media platform Truth Social, Trump wrote that pivoting to EVs would destroy the US auto industry and jobs.

No car brands are making money on electric cars. Brands produce EVs to avoid billions of dollars in fines. Their only option is to take millions of dollars in losses. 

CNBC also reported that if Trump can secure the Presidency in the 2024 election, he plans to impose a 10% tariff on all imported goods from Germany and China.

The tariffs against Chinese vehicles and components would increase jobs here in North America. Car prices will be lower when CAFE standards (corporate average fuel economy) stay at 34.5 MPG rather than an unobtainable 54 MPG. 

President Trump spoke in Michigan and stated confidently to the crowd, “I have a very special promise. I will save the American Auto Industry.” He blasted Joe Biden for ordering “a hit job on Michigan manufacturing” by imposing “his insane Electric Vehicle Mandate.”

The 45th president warned that, “One out of every two U.S. auto jobs will be eliminated” if the mandate took effect.

President Trump continued his criticism of Biden’s mandate on electric vehicles, telling rally goers that it was “a major factor in pushing the average price of a new car over 50,000 dollars.”

The Biden Administration is planning to relax the rules related to tailpipe emissions and the push toward electric vehicles (EVs). These rules have faced criticism for being too strict and potentially hindering the growth of the EV market.

The Biden push for EVs are not profitable for your GM, Ford, or Chrysler could lead to another taxpayer bailout. The fossil fuels that power gasoline engines are profitable and keeps the UAW jobs in Michigan and the Motor City. A Biden second term and EV push will wipe out your gasoline engine powered jobs with all the EV parts made in China. For consumers, the American car or truck buyer likes affordable, gasoline-powered vehicles.

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