Car parts price inflation, 2020→2024

Car Parts Inflation Calculator

Prices for Car Parts, 2020-2024 ($500)

According to the U.S. Bureau of Labor Statistics, prices for motor vehicle parts and equipment are 22.06% higher in 2024 versus 2020 (a $110.32 difference in value).

Between 2020 and 2024: Car parts experienced an average inflation rate of 5.11% per year. This rate of change indicates significant inflation. In other words, car parts costing $500 in the year 2020 would cost $610.32 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 4.89% during this same period, inflation for car parts was higher.

In the year 2020: Pricing changed by 1.10%, which is significantly below the average yearly change for car parts during the 2020-2024 time period. Compared to inflation for all items in 2020 (1.23%), inflation for car parts was lower.

Price Inflation for Motor vehicle parts and equipment since 1977

Consumer Price Index, U.S. Bureau of Labor Statistics

Years with the largest changes in pricing: 2022 (13.32%), 1980 (12%), and 1979 (9.64%).

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Buying power of $500.00 since 2020

Below are calculations of equivalent buying power for Car parts, over time, for $500 beginning in 2020. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
2020	$500.00	1.10%
2021	$523.81	4.76%
2022	$593.55	13.32%
2023	$610.62	2.88%
2024	$610.32	-0.05%*

* Not final. See inflation summary for latest details.
** Extended periods of 0% inflation usually indicate incomplete underlying data. This can manifest as a sharp increase in inflation later on.

Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Motor vehicle parts and equipment:

Year	1977	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987	1988	1989	1990	1991	1992	1993	1994	1995	1996	1997	1998	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
CPI	75.300	77.592	85.069	95.277	101.069	103.615	100.777	95.615	95.908	95.415	96.085	97.869	100.215	100.900	102.154	103.054	101.615	101.362	102.115	102.200	101.885	101.123	100.500	101.531	104.800	106.892	107.815	108.685	111.915	117.269	121.583	128.747	134.050	136.995	143.909	148.560	146.422	144.823	144.236	143.555	143.041	143.662	146.437	148.051	155.100	175.752	180.806	180.716

Adjust car parts prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 2020 * 2020 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Motor vehicle parts and equipment was 148.051 in the year 2020 and 180.716 in 2024:

180.716 / 148.051 * $500 = $610.32

Therefore, according to U.S. Bureau of Labor Statistics, $500 in 2020 has the same "purchasing power" as $610.32 in 2024 (in the CPI category of Motor vehicle parts and equipment).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Motor vehicle parts and equipment in 1977. In addition to car parts, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.