According to the U.S. Bureau of Labor Statistics, prices for new and used motor vehicles are 32.16% higher in 2024 versus 2007 (a $6,431.52 difference in value).
Between 2007 and 2024: New and used vehicles experienced an average inflation rate of 1.65% per year. In other words, new and used vehicles costing $20,000 in the year 2007 would cost $26,431.52 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.46% during this same period, inflation for new and used vehicles was lower.
In the year 2007: Pricing changed by -1.36%, which is significantly below the average yearly change for new and used vehicles during the 2007-2024 time period. Compared to inflation for all items in 2007 (2.85%), inflation for new and used vehicles was much lower.
Below are calculations of equivalent buying power for New and used vehicles, over time, for $20,000 beginning in 2007. Each of the amounts below is equivalent in terms of what it could buy at the time:
Year | USD Value | Inflation Rate |
---|---|---|
2007 | $20,000.00 | -1.36% |
2008 | $19,785.41 | -1.07% |
2009 | $19,826.76 | 0.21% |
2010 | $20,603.60 | 3.92% |
2011 | $21,159.37 | 2.70% |
2012 | $21,336.25 | 0.84% |
2013 | $21,405.57 | 0.32% |
2014 | $21,376.92 | -0.13% |
2015 | $21,368.01 | -0.04% |
2016 | $21,252.56 | -0.54% |
2017 | $20,970.26 | -1.33% |
2018 | $21,023.61 | 0.25% |
2019 | $21,092.21 | 0.33% |
2020 | $21,352.33 | 1.23% |
2021 | $24,281.43 | 13.72% |
2022 | $27,180.93 | 11.94% |
2023 | $27,073.37 | -0.40% |
2024 | $26,431.52 | -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 |