The minute news of a possible United Auto Workers strike made the airwaves we thought, is now a good time to buy a car? Whenever workers strike industries suffer. Take the writers and actors strike that began in May of this year that still has no end in sight. The strike united two strong unions, the Writers Actors Guild, and the Screen Actors Guild, against the Alliance of Motion Picture and Television Producers which is a group that represents major studios and streaming services. Since the strike began, production halted on awards shows, festivals and conventions, films, talk shows, and televisions series. Hundreds of projects are on hold because of the strike which is estimated to have had an economic impact of $3-$5 billion. Yet the question remains, now that the auto workers are on strike, is now a good time to buy a car?

The UAW “Stand Up Strike” will impact automakers more than consumers. GM and Ford stand to lose $2.5 to $3 billion respectively for every week the strike lasts compared to the cost of agreeing to a new UAW contract, only $4 to $6 billion over 4 years respectively. Consumers, on the other hand, will only feel the impact of the strike if they plan to shop for a particular make or model of vehicle. Cars, trucks, and SUVs created by General Motors, Ford, and Stellantis may be limited in number, while consumers interested in a Toyota, Honda or Hyundai will easily find the vehicle they want. Click HERE to see a list of vehicles and who makes them.

With any strike, the main concern is for the union workers and their families because taking a stand against big business often comes with personal financial loss. Although the UAW has the funds necessary to pay eligible workers $500 per week for up to 11 weeks, that amount can be reduced depending on health care costs.  And for those worried a strike would send our economy into a recession, that is unlikely to happen. It’s predicted that a UAW strike would only reduce the US GDP by .2% to .3%.