Splurge now, save later? 4 things to buy before prices rise – JS

By Tommy Tindall, NerdWallet

My spouse and I are not fans of our current washer and dryer. While they still work, the washer leaves behind mildew-like spots after every load, and the dryer takes multiple cycles on high heat to fully dry a load.

The ongoing discussions about trade wars have led us to consider taking advantage of any potential deals before the situation worsens.

Recent findings from the Consumer Confidence Board’s June Consumer Confidence Index indicate that many consumers are concerned about tariffs. The report shows a slight increase in purchasing plans for appliances in June, steady plans for car purchases, and a decrease in plans to buy electronics.

It seems that the wealthier individuals, although I don’t consider myself among them, might be at the forefront of this trend.

In May, 26% of consumers earning $125,000 or more reported making purchases in anticipation of potential tariffs. While the expected price hikes have not fully materialized yet, economists predict that they will arrive soon.

“Consumers are finding ways to navigate the uncertainty surrounding trade policies,” stated National Retail Federation Chief Economist Jack Kleinhenz in a prepared statement in June. “However, I anticipate that the inflation resulting from tariffs will be felt later this year.”

If you are looking to stay ahead of potential price increases, here are a few items to consider purchasing now before they become more expensive.

Major appliances, such as washers and refrigerators

The tariff on imported steel and aluminum is expected to impact household appliances directly. As of June 23, the 50% tariff on steel extends to “steel derivative products,” which includes refrigerators, freezers, washers, dryers, dishwashers, ovens, and even garbage disposals.

If you have been thinking about upgrading an appliance, now might be the right time to make a purchase before prices rise, especially with summer sales still ongoing.

In our case, we are planning to buy a new washer and dryer soon due to the mildew issue and the anticipated price increases. Our local appliance store currently has the LG set we want in stock and on sale.

Cars (especially EVs and luxury imports)

The past few years have not been ideal for car buyers. Prices of both new and used cars surged after the pandemic, but the situation seemed to improve later on.

For instance, I managed to purchase a brand new Honda Odyssey below the sticker price in November. I was surprised that the dealer was willing to negotiate that day. (Although I couldn’t negotiate for free all-weather mats.) I also unexpectedly enjoy driving a minivan (#babyonboard).

Now, a 25% tariff on imported passenger vehicles and auto parts could lead to a new wave of challenges in car buying, but there is still time to act before prices go up significantly.

“Experts anticipate that tariffs will drive car prices higher. Some manufacturers have already raised prices slightly, but overall, significant increases are expected. This is particularly true as pre-tariff vehicles become less available,” explained Shannon Bradley, NerdWallet’s automotive expert.

What car model are you interested in, and where is it manufactured?