New and used vehicles priced at $20,000 in 1998 $21,609.39 in 2021

New And Used Vehicles Inflation Calculator

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Prices for New And Used Vehicles, 1998-2021 ($20,000)

According to the U.S. Bureau of Labor Statistics, prices for new and used motor vehicles are 8.05% higher in 2021 versus 1998 (a $1,609.39 difference in value).

Between 1998 and 2021: New and used vehicles experienced an average inflation rate of 0.34% per year. In other words, new and used vehicles costing $20,000 in the year 1998 would cost $21,609.39 in 2021 for an equivalent purchase. Compared to the overall inflation rate of 2.21% during this same period, inflation for new and used vehicles was lower.

In the year 1998: Pricing changed by -0.43%, 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.

Price Inflation for New and used motor vehicles since 1993

Consumer Price Index, U.S. Bureau of Labor Statistics
Years with the largest changes in pricing: 2021 (7.42%), 1994 (4.07%), and 1995 (4.05%).

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Buying power of $20,000.00 since 1998

Below are calculations of equivalent buying power for New and used vehicles, over time, for $20,000 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 -0.43%
1999 $20,006.66 0.03%
2000 $20,146.52 0.70%
2001 $20,239.76 0.46%
2002 $19,826.84 -2.04%
2003 $19,274.06 -2.79%
2004 $18,821.18 -2.35%
2005 $19,100.90 1.49%
2006 $19,100.90 0.00%
2007 $18,841.76 -1.36%
2008 $18,639.56 -1.07%
2009 $18,678.59 0.21%
2010 $19,410.39 3.92%
2011 $19,934.00 2.70%
2012 $20,100.63 0.84%
2013 $20,165.97 0.33%
2014 $20,138.99 -0.13%
2015 $20,130.60 -0.04%
2016 $20,021.78 -0.54%
2017 $19,755.84 -1.33%
2018 $19,806.19 0.25%
2019 $19,870.80 0.33%
2020 $20,115.82 1.23%
2021 $21,609.39 7.42%*
* Not final. See inflation summary for latest details.

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 91.800 95.533 99.400 101.000 100.533 100.100 100.133 100.833 101.300 99.233 96.467 94.200 95.600 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 99.453 100.680 108.155

Adjust new and used vehicles prices for inflation

Start with the inflation rate formula:

CPI in 2021 / CPI in 1998 * 1998 USD value = 2021 USD value

Then plug in historical CPI values from above. The CPI for New and used motor vehicles was 100.100 in the year 1998 and 108.155 in 2021:

108.155 / 100.100 * $20,000 = $21,609.39

Therefore, according to U.S. Bureau of Labor Statistics, $20,000 in 1998 has the same "purchasing power" as $21,609.39 in 2021 (in the CPI category of New and used motor vehicles).


Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for New and used motor vehicles in 1993. In addition to new and used vehicles, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.

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