According to the U.S. Bureau of Labor Statistics, prices for new and used motor vehicles are 30.46% higher in 2024 versus 1994 (a $6,091.87 difference in value).
Between 1994 and 2024: New and used vehicles experienced an average inflation rate of 0.89% per year. In other words, new and used vehicles costing $20,000 in the year 1994 would cost $26,091.87 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.53% during this same period, inflation for new and used vehicles was lower.
In the year 1994: Pricing changed by 4.06%, which is significantly above the average yearly change for new and used vehicles during the 1994-2024 time period. Compared to inflation for all items in 1994 (2.60%), inflation for new and used vehicles was higher.
Below are calculations of equivalent buying power for New and used vehicles, over time, for $20,000 beginning in 1994. Each of the amounts below is equivalent in terms of what it could buy at the time:
| Year | USD Value | Inflation Rate |
|---|---|---|
| 1994 | $20,000.00 | 4.06% |
| 1995 | $20,806.83 | 4.03% |
| 1996 | $21,143.41 | 1.62% |
| 1997 | $21,048.39 | -0.45% |
| 1998 | $20,961.43 | -0.41% |
| 1999 | $20,958.21 | -0.02% |
| 2000 | $21,107.98 | 0.71% |
| 2001 | $21,209.44 | 0.48% |
| 2002 | $20,769.79 | -2.07% |
| 2003 | $20,196.47 | -2.76% |
| 2004 | $19,719.78 | -2.36% |
| 2005 | $20,012.88 | 1.49% |
| 2006 | $20,014.49 | 0.01% |
| 2007 | $19,742.99 | -1.36% |
| 2008 | $19,531.15 | -1.07% |
| 2009 | $19,571.98 | 0.21% |
| 2010 | $20,338.84 | 3.92% |
| 2011 | $20,887.46 | 2.70% |
| 2012 | $21,062.07 | 0.84% |
| 2013 | $21,130.49 | 0.32% |
| 2014 | $21,102.21 | -0.13% |
| 2015 | $21,093.42 | -0.04% |
| 2016 | $20,979.45 | -0.54% |
| 2017 | $20,700.78 | -1.33% |
| 2018 | $20,753.44 | 0.25% |
| 2019 | $20,821.16 | 0.33% |
| 2020 | $21,077.95 | 1.23% |
| 2021 | $23,969.40 | 13.72% |
| 2022 | $26,831.65 | 11.94% |
| 2023 | $26,725.47 | -0.40% |
| 2024 | $26,091.87 | -2.37%* |
* 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 New and used motor vehicles:
| Year | 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 | 91.800 | 95.531 | 99.385 | 100.992 | 100.538 | 100.123 | 100.108 | 100.823 | 101.308 | 99.208 | 96.469 | 94.192 | 95.592 | 95.600 | 94.303 | 93.291 | 93.486 | 97.149 | 99.770 | 100.604 | 100.931 | 100.796 | 100.754 | 100.209 | 98.878 | 99.130 | 99.453 | 100.680 | 114.491 | 128.162 | 127.655 | 124.629 |