Auto tariffs announced by President Donald Trump will likely raise car prices by thousands of dollars days after the policy takes effect, while hiking costs for repairs and insurance, some experts told ABC News. Within hours of the policy rollout, Ferrari said it will raise prices by as much as 10% for some models to compensate for the tariffs.

Stellantis, whose brands include Jeep, Chrysler, Dodge and Ram, among others, is similarly susceptible to rising costs from the tariffs, as it makes between 73%-75% of vehicles for sale in the U.S. stateside, according to Cox Automotive.