Auto tariffs: 3 things to consider from an Owasso wealth advisor

President Donald Trump is set to put 25% tariffs on vehicles imported to the U.S., which has some people wondering if they should buy before prices go up.

While some people may be considering buying a vehicle before the tariffs kick in, a financial advisor says, ask yourself a few questions first.

"A lot of people are trying to weigh, 'How much car can I afford? Should I try to time this and wait to buy a car, buy a car now to beat the increase?’” Triston Hasty-Grant said.

Hasty-Grant is a Wealth Advisor and Director of Business Development at Waterstone in Owasso.

1. Need vs. Want

If you're in the market to buy a vehicle, he says, ask yourself this first:

"Is this a need for me? Do I have transportation, reliable transportation? Or is it more of a want, of I just want the next newest model or heated seats, whatever the case may be. And you know, that can be hard. Because a lot of times those wants creep into the need category because we want it so bad,” Hasty-Grant said.

2. Total Monthly Expenses

The next thing he said is to consider your total monthly bill for owning the vehicle, including insurance and gas.

His big message is to take a step back, try not to get overwhelmed by everything you hear, and focus on your financial goals.

3. Focus on Your Financial Goals

"Have a long-term plan that you can believe in and that's important to you, and for you specifically. The news that you see on the TV does not particularly relate to your portfolio. The advice you hear on podcasts doesn't relate to your situation. So control what you can control and then past that, come see people like myself because that's what we're here for,” he said.

President Trump said the goal of the auto tariffs is to encourage American manufacturing and said there will be strong policing on auto tariffs.

The White House expects to raise $100 billion from the tariffs.