How has the tariff situation over the past 18 months affected new car and truck prices?
2025 was yet another chaotic year for the auto industry as it navigated waves of on-again, off-again tariffs enacted by the United States. Unsurprisingly, the impact of those tariffs that consumers feel at the dealership in 2026 is just as turbulent.
TFL took a closer look at America’s top 10 best-selling cars and trucks to see how much tariffs may have impacted the bottom-line price, while also taking into account other major factors like inflation (which itself has been driven, at least in part, by the added import duties). Essentially, we’re looking at how the “landed cost” (MSRP + destination fees) actually changed between 2024 and 2026 — and there’s a large spread.
Taking a closer look at the numbers
The Chevrolet Equinox had the largest landed cost increase of 14%, while the Tesla Model Y actually decreased 12%. Most popular vehicles from Chevrolet, Ford, Ram, Honda, and Toyota all land between 6% more, or 6% less, than they cost in 2024 when adjusted for inflation.
A couple things to note: The costs below are inflation-adjusted over the past two years, and we are looking at some of the most popular trims for each vehicle in question. So, we’re looking more at where the meat of the market actually buys into new vehicles, rather than strictly looking at one extreme or the other for base models or fully-loaded versions.
| Vehicle | 2024 Landed Cost (MSRP + Destination)1 | 2026 Landed Cost (MSRP + Destination)1 | Total % Cost Change |
|---|---|---|---|
| Chevrolet Equinox Activ | $33,052.30 | $37,590 | 13.7% |
| Chevrolet Silverado 1500 LT | $53,494.65 | $56,290 | 5.2% |
| GMC Sierra 1500 SLE | $54,671.65 | $57,190 | 4.6% |
| Toyota RAV4 XLE Hybrid | $36,738.45 | $37,550 | 2.2% |
| Honda CR-V Sport Hybrid | $38,707.25 | $38,925 | 0.6% |
| Ram 1500 Big Horn | $49,839.53 | $49,541 | -0.6% |
| Toyota Camry SE | $34,860.60 | $34,555 | -0.9% |
| Ford F-150 XLT | $53,088.05 | $52,590 | -0.9% |
| Toyota Tacoma SR5 | $41,933.30 | $39,450 | -5.9% |
| Tesla Model Y Premium | $53,906.60 | $47,380 | -12.1% |
| Averages | $45,029 | $45,106 | 0.2% |
This data suggests that primary cost increases that American consumers see at the dealership today come down to inflation, broadly speaking, rather than just tariffs. Japanese manufacturers enacted an approximate 6% increase in their destination fee for their most popular cars and SUVs — a figure that is virtually in lockstep with the USD’s 7% economic inflation over the past two years. If there was an increase in raw materials, Honda and Toyota seem to be either absorbing that cost internally, or making it up in other areas to keep retail prices stable.
Domestic manufacturers — namely Chevrolet, Ford, and Ram — are taking a different approach.
They too seem to be leveraging destination fees, at least in part, to muddle the increased price situation. However, here we see it to a much larger degree. Destination fees on all of the half-ton pickup trucks TFL sampled are up 40% over just the past three years. Inflation and its broader knock-on effects could still play a role here. A more plausible scenario (if not likely), though, is that this is an area the Big 3 are using to pass along their tariff-driven cost increases to consumers.
Now, that’s not to say new cars and trucks aren’t expensive as a point of order. According to Kelly Blue Book, the average consumer facing transaction price for a new vehicle is $49,855 in July of 2026. That’s a 2% increase from July 2025, and a 4% increase from July of 2024. TFL’s sample saw slightly higher increases than KBB, with a 7% increase in MSRP + Destination between 2024 and 2026 without adjusting for inflation.
| Vehicle | 2024 Landed Cost (MSRP + Destination)2 | 2026 Landed Cost (MSRP + Destination)2 | Total % Cost Change |
|---|---|---|---|
| Chevrolet Equinox ACTIV | $30,890 | $37,590 | 21.7% |
| Chevrolet Silverado 1500 LT | $49,995 | $56,290 | 12.6% |
| GMC Sierra 1500 SLE | $51,095 | $57,190 | 11.9% |
| Toyota RAV4 XLE Hybrid | $34,335 | $37,550 | 9.4% |
| Honda CR-V Sport Hybrid | $36,175 | $38,925 | 7.6% |
| Ram 1500 Big Horn | $46,579 | $49,541 | 6.4% |
| Toyota Camry SE | $32,580 | $34,555 | 6.1% |
| Ford F-150 XLT | $49,615 | $52,590 | 6.0% |
| Toyota Tacoma SR5 | $39,190 | $39,450 | 0.7% |
| Tesla Model Y Premium | $50,380 | $47,380 | -6.0% |
| Averages | $42,083 | $45,106 | 7.2% |
In true Tesla fashion, the Model Y is a notable outlier. Its price decrease is most likely not driven purely by inflation or tariffs, but rather the company’s competitive stance as it grapples without a federal EV tax credit and faces stiffer rivalry from different directions.
It’s important to mention that this is a dramatically simplified view of tariffs’ impacts that aims to be more readable to the lay person. While it takes into account inflation in a broad scope, there are a plethora of factors from raw materials, constantly shifting trade policies, independently negotiated trade deals, final assembly location, cost of financing to consider, all of which can affect the price of U.S. goods.
TFL Studios’ Associate Editor and Media Coordinator Drake McLean contributed to this report.
