New and used vehicles price history from 1998 through 2021

New And Used Vehicles Inflation Calculator

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 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.

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: 1994 (4.06%), 1995 (4.02%), and 2010 (3.91%).

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

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Buying power of $20000 since 1998

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%*

* Not final. See inflation summary for latest details.

How to calculate the inflation rate for new and used vehicles, 1998-2021

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 100.125 in the year 1998 and 102.658 in 2021:

102.658 / 100.125 * $20,000 = $20,505.97

Therefore, according to U.S. Bureau of Labor Statistics, $20,000 in 1998 has the same "purchasing power" as $20,505.97 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.