According to the U.S. Bureau of Labor Statistics, prices for motor vehicle maintenance and repair were 10.14% higher in 2020 versus 2016 (a $50.72 difference in value).
Between 2016 and 2020: Car maintenance experienced an average inflation rate of 2.44% per year. This rate of change indicates significant inflation. In other words, car maintenance costing $500 in the year 2016 would cost $550.72 in 2020 for an equivalent purchase. Compared to the overall inflation rate of 1.78% during this same period, inflation for car maintenance was higher.
In the year 2016: Pricing changed by 1.71%, which is below the average yearly change for car maintenance during the 2016-2020 time period. Compared to inflation for all items in 2016 (1.26%), inflation for car maintenance was higher.
Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Motor vehicle maintenance and repair:
Below are calculations of equivalent buying power for Car maintenance, over time, for $500 beginning in 2016. Each of the amounts below is equivalent in terms of what it could buy at the time:
|Year||USD Value||Inflation Rate|