According to the U.S. Bureau of Labor Statistics, prices for new and used motor vehicles were 2.53% higher in 2021 versus 1998 (a $505.97 difference in value).
Between 1998 and 2021: New and used vehicles experienced an average inflation rate of 0.11% per year. In other words, new and used vehicles costing $20,000 in the year 1998 would cost $20,505.97 in 2021 for an equivalent purchase. Compared to the overall inflation rate of 2.09% during this same period, inflation for new and used vehicles was lower.
In the year 1998: Pricing changed by -0.47%, which is below the average yearly change for new and used vehicles during the 1998-2021 time period. Compared to inflation for all items in 1998 (1.55%), inflation for new and used vehicles was lower.
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 |
CPI | 91.775 | 95.500 | 99.342 | 101.050 | 100.600 | 100.125 | 100.108 | 100.842 | 101.308 | 99.200 | 96.492 | 94.192 | 95.583 | 95.600 | 94.305 | 93.292 | 93.493 | 97.150 | 99.771 | 100.604 | 100.940 | 100.809 | 100.780 | 100.201 | 98.871 | 99.129 | 99.451 | 100.692 | 102.658 |
Below are calculations of equivalent buying power for New and used vehicles, over time, for $20000 beginning in 1998. Each of the amounts below is equivalent in terms of what it could buy at the time:
Year | USD Value | Inflation Rate |
---|---|---|
1998 | $20,000.00 | -0.47% |
1999 | $19,996.67 | -0.02% |
2000 | $20,143.15 | 0.73% |
2001 | $20,236.37 | 0.46% |
2002 | $19,815.23 | -2.08% |
2003 | $19,274.24 | -2.73% |
2004 | $18,814.81 | -2.38% |
2005 | $19,092.80 | 1.48% |
2006 | $19,096.13 | 0.02% |
2007 | $18,837.45 | -1.35% |
2008 | $18,635.06 | -1.07% |
2009 | $18,675.26 | 0.22% |
2010 | $19,405.73 | 3.91% |
2011 | $19,929.29 | 2.70% |
2012 | $20,095.78 | 0.84% |
2013 | $20,162.78 | 0.33% |
2014 | $20,136.55 | -0.13% |
2015 | $20,130.77 | -0.03% |
2016 | $20,015.28 | -0.57% |
2017 | $19,749.61 | -1.33% |
2018 | $19,801.12 | 0.26% |
2019 | $19,865.33 | 0.32% |
2020 | $20,113.36 | 1.25% |
2021 | $20,505.97 | 1.95%* |