Clark Howard on Tariffs, 23andMe Data, and Financial Advice

Impact of Tariffs on Vehicle Market

• ⚠️ Clark expresses strong disapproval of tariffs, citing historical instances where they led to depressions and noting their negative effects on innovation.
• 🚗 Proposed tariffs on vehicles could turn the US into an "island market," leading to reduced innovation and automakers treating the US as a "backwater."
• 📈 Even vehicles not directly subject to tariffs may see price increases due to the overall market disruption.
• 🚗 Domestic manufacturers like Rivian, Tesla, Ford, and Honda will be less impacted than brands like Volkswagen, Mazda, and Volvo, which have less domestic manufacturing.
• 📉 High-end luxury vehicles imported from Europe and potentially lower-end vehicles from brands like Mercedes may see significant price hikes or cease to be sold in the US.
• 💡 For those who need a vehicle now, buying from existing inventory before tariffs fully hit could be advantageous; otherwise, it's advised to wait.
• 📉 The used car market is expected to see price increases as new vehicles become more expensive, driving up demand for used options.

Actionable Financial Advice

• 💡 Minivan Purchase: For families needing a minivan for 10+ years and driving significant mileage, buying a new hybrid model is recommended due to long-term fuel savings and warranty benefits.
• 🚗 Lemon Law for EVs: If experiencing repeated critical issues with a leased vehicle, like the Honda Prologue EV, immediately file a lemon law claim in your state to seek lease termination and potential recovery of trade-in value.
• 🚗 Test Driving Cars: To properly test-drive vehicles, rent them for 24-48 hours through services like Turo to experience them in real-world conditions before purchasing.
• 💰 High-Yield Savings Accounts: There are no downsides to frequently switching savings accounts to secure higher APYs; consider one-year CDs for money not needed within a year, as loan rates are expected to remain high while savings rates may decline.
• 🚑 Ambulance Coverage: Policies for emergency ambulance coverage are generally not recommended due to aggressive sales tactics, negative reviews, and difficulties in claims processing, despite potential out-of-pocket costs in rural areas.

Protecting Personal Data

• 🧬 23andMe Data Deletion: With 23andMe filing for bankruptcy, it's crucial to immediately delete your genetic data from their platform to prevent it from being sold to unknown entities in the bankruptcy process.
• 🔒 The process involves logging into your 23andMe dashboard, going to settings, and initiating a data wipe, followed by confirming via email.
• 🖨️ It is advised to print out your genetic data before wiping it if you wish to retain personal findings for your own records.

Elder Financial Protection

• 🛡️ To protect an elderly parent from scams and poor investments when they are deemed cognitively competent, consider implementing a two-signature requirement for checks, with a trusted family member as the second signatory.
• 📞 Restricting phone calls to only known contacts can also help reduce exposure to scams.
• 👨‍👩‍👧‍👦 In situations where a parent is making dangerous financial decisions, family intervention, even if forceful, may be necessary to protect their financial well-being.