Car repair priced at $500 in 2016 $703.34 in 2023

Car Repair Inflation Calculator


Prices for Car Repair, 2016-2023 ($500)

According to the U.S. Bureau of Labor Statistics, prices for motor vehicle repair are 40.67% higher in 2023 versus 2016 (a $203.34 difference in value).

Between 2016 and 2023: Car repair experienced an average inflation rate of 5% per year. This rate of change indicates significant inflation. In other words, car repair costing $500 in the year 2016 would cost $703.34 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 3.30% during this same period, inflation for car repair was higher.

In the year 2016: Pricing changed by 2.05%, which is below the average yearly change for car repair during the 2016-2023 time period. Compared to inflation for all items in 2016 (1.26%), inflation for car repair was higher.

Price Inflation for Motor vehicle repair since 1997

Consumer Price Index, U.S. Bureau of Labor Statistics
Years with the largest changes in pricing: 2023 (12.79%), 2022 (9.89%), and 2006 (4.75%).

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Buying power of $500.00 since 2016

Below are calculations of equivalent buying power for Car repair, over time, for $500 beginning in 2016. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate

* 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 repair:


Adjust car repair prices for inflation

Start with the inflation rate formula:

CPI in 2023 / CPI in 2016 * 2016 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for Motor vehicle repair was 171.558 in the year 2016 and 241.326 in 2023:

241.326 / 171.558 * $500 = $703.34

Therefore, according to U.S. Bureau of Labor Statistics, $500 in 2016 has the same "purchasing power" as $703.34 in 2023 (in the CPI category of Motor vehicle repair).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Motor vehicle repair in 1997. In addition to car repair, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.

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