If the United Auto Workers strike isn't settled soon, consumers will see higher prices for new cars — and not just the ones from Detroit
Unsold 2023 Charger sedans and Challenger hardtops sit at a Dodge dealership on June 18, 2023, in Littleton, Colo. The strike by auto workers is almost certain to lead to higher prices for car buyers; it's only a matter of whether panic buying will make dealer lots look empty sooner than analysts expect. Car shoppers are heading for a new round of sticker shock if the strike by the United Auto Workers doesn’t end soon, particularly for popular vehicles that are already in short supply.
The UAW began striking at factories that make only a few vehicles – Ford Broncos and Rangers, Jeep Wranglers, Chevrolet mid-size pickups and GMC vans. Dealers have good inventories of those. As cars from Ford, GM and Stellantis, the successor to Fiat Chrysler, become harder to find, there will be a ripple effect. Consumers who need a vehicle would likely turn to nonunion competitors like Toyota, Honda and Tesla, who would be able to charge them more.
High rates are contributing to a spike in rejections for consumers looking to buy a ride. The Federal Reserve Bank of New York said this month that the rejection rate for auto loans is now 14.2%, the highest since the bank started tracking figures in 2013 and up from 9.1% six months ago.
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