Automakers in the U.S. rely on complex supply chains that often include parts imported from China, Mexico and Canada. Because of that, Trump's tariffs are expected to drive up manufacturing costs and, in turn, push new vehicle prices higher later this year, according to AEG's data.

How proposed tariffs could drive up the price of pet care

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.