According to the U.S. Bureau of Labor Statistics, prices for new and used motor vehicles are 28.29% higher in 2024 versus 2010 (a $5,657.19 difference in value).
Between 2010 and 2024: New and used vehicles experienced an average inflation rate of 1.80% per year. In other words, new and used vehicles costing $20,000 in the year 2010 would cost $25,657.19 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.62% during this same period, inflation for new and used vehicles was lower.
In the year 2010: Pricing changed by 3.92%, which is above the average yearly change for new and used vehicles during the 2010-2024 time period. Compared to inflation for all items in 2010 (1.64%), 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 2010. Each of the amounts below is equivalent in terms of what it could buy at the time:
Year | USD Value | Inflation Rate |
---|---|---|
2010 | $20,000.00 | 3.92% |
2011 | $20,539.49 | 2.70% |
2012 | $20,711.18 | 0.84% |
2013 | $20,778.47 | 0.32% |
2014 | $20,750.66 | -0.13% |
2015 | $20,742.01 | -0.04% |
2016 | $20,629.94 | -0.54% |
2017 | $20,355.92 | -1.33% |
2018 | $20,407.70 | 0.25% |
2019 | $20,474.29 | 0.33% |
2020 | $20,726.80 | 1.23% |
2021 | $23,570.08 | 13.72% |
2022 | $26,384.64 | 11.94% |
2023 | $26,280.24 | -0.40% |
2024 | $25,657.19 | -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 |