Fewer Americans are planning to buy cars because they expect a nearly 15% surge in prices, according to a survey released Thursday. 

The majority of consumers think it’s a bad time to buy a car, according to a survey of about 1,760 adults conducted by HarrisX, a market research and analytics company, and the marketing firm, Allison Worldwide. Respondents think car prices will jump an average of 14.4% over the next year, and 53% expect interest rates to rise on car loans.

The prospect of higher prices has prompted some consumers to scrap their car shopping plans. Asked earlier this month, 17% of consumers said they were “very likely” to buy a vehicle in the next year, down from 21% in February, the survey found. The number of respondents who believe it’s a bad time to buy a car jumped to 56% this month from 46% in the previous survey.

“Shoppers aren’t just delaying purchases; they are rethinking them entirely,” said Rebecca Lindland, managing director of mobility advisory service at Allison Worldwide.

Still, some drivers appear to have rushed to buy cars before tariffs on Mexican and Canadian imports went into effect, according to a Deutsche Bank analysis on “panic buying” in March. More than half of cars and light trucks imported in 2024 came from Mexico or Canada, and many vehicles finished in the states contain parts from abroad.

A majority—62%—of Americans are most likely to buy a gas or diesel-powered vehicle, and 71% are likely to select a domestic car, the survey found. But the perception of American-made cars suffered alongside those made in a number of other countries, Lindland said.

“Consumers are clearly feeling the pinch of tariff uncertainty and inflation,” said Rebecca Lindland, managing director of mobility advisory service at Allison Worldwide. “The drop in buyer interest, including for American-made vehicles, shows no automaker is immune to the ripple effects of these economic pressures.”

Economists previously estimated tariffs would add some $2,500 to $10,000 to the price of a car, though the Trump Administration has revised its trade policies multiple times in recent days. Price increases could exacerbate affordability concerns as serious delinquency rates rise on auto loans.