3 European Cars That Will Have Massive Price Increases in October 2024

As the months speed by and everyone heads into the final curve of the year, many people are considering taking the off-ramp to a car dealership to get a new (or new to them) European car. Perhaps they’re interested in the power and glamor of European models. Or maybe they’ve researched a specific car and they know it’s the right one to meet their needs.

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However, before they walk through those dealership doors, they should be aware that some European models may experience significant price hikes this season. To learn more about which European cars might require more of your American dollars, GOBankingRates caught up with Blake Shaw, auto expert and author of the All About Wheels blog.

Shaw said several many culprits could be behind the rise of these prices. “The ever-present effects of inflation, growing raw material prices, and worldwide supply chain issues are pushing up car prices. With rising production costs, this is especially true for high-end models and EVs.”

She sees certain carmakers as being more vulnerable to price hikes than others — notably, Renault, BMW and Volkswagen. Models from these brands rank among her top three European cars most susceptible to increased costs for consumers.

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Volkswagen ID.4

For Shaw, the demand for electric cars and rising costs of raw materials means that the price of the Volkswagen ID.4 will also rise.

“The rising EV prices are partly due to supply chain problems and new emissions standards like the Euro 7,” she said.

For the uninitiated, the Euro 7 is a set of regulations designed to reduce the emissions of road vehicles, including cars, vans, buses and lorries.

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BMW X5

If you were dreaming of cruising around feeling like a chic superspy in a luxury BMW X5, that dream may hit the hard reality of increased prices.

“This premium SUV, famous for its great craftsmanship, looks and performance, may experience a price increase for reasons slightly different from the ID.4,” Shaw said. “For the X5 in particular, the problems are increased production costs and demand. Essentially, the car is popular, so its prices are rising because BMW needs to work harder and faster to make more. Still, this could make BMW less money overall, so striking a balance is necessary.”

Renault Megane E-Tech Electric

Many carmakers are contending with the pressure around inflation, rising material costs (especially for batters), as well as interruptions in the supply chain. According to Shaw, Renault is no exception.

She said the growing demand for electric vehicles, along with stricter emissions regulation and a consumer passion for going green have put pressure on prices.

“So, my guess is that the E-Tech will be Renault’s first sore point when it comes to rising prices. The Megane model is an overall highly comfortable and smooth ride and I’m sure the E-Tech is even nicer than the standard ones, but fans should potentially wait until the end of October to see if their fave is becoming pricier,” she added.

This article originally appeared on GOBankingRates.com : 3 European Cars That Will Have Massive Price Increases in October 2024