President Donald Trump upended the U.S. car business by imposing “draconian” 25% tariffs on all cars imported to America and up to 25% tariffs on key auto parts. New-car prices are going up, profit margins are coming down,

Higher prices will deter buyers and force automakers to curtail production, said Jonathan Smoke, chief economist at Cox Automotive. He forecast that U.S. factories would produce 20,000 fewer cars per week, about 30 percent less than usual.

Used car prices tend to increase alongside new car prices, Musson said. Experts also encourage consumers to make mechanical repairs to their cars before the tariffs take effect, too, since tariffs will likely raise the price of auto parts.