New and used vehicles price inflation, 2016→2024

New And Used Vehicles Inflation Calculator

Prices for New And Used Vehicles, 2016-2024 ($20,000)

According to the U.S. Bureau of Labor Statistics, prices for new and used motor vehicles are 24.35% higher in 2024 versus 2016 (a $4,870.51 difference in value).

Between 2016 and 2024: New and used vehicles experienced an average inflation rate of 2.76% per year. This rate of change indicates significant inflation. In other words, new and used vehicles costing $20,000 in the year 2016 would cost $24,870.51 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 3.40% during this same period, inflation for new and used vehicles was lower.

In the year 2016: Pricing changed by -0.54%, which is significantly below the average yearly change for new and used vehicles during the 2016-2024 time period. Compared to inflation for all items in 2016 (1.26%), 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 (13.72%), 2022 (11.94%), and 1994 (4.06%).

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Buying power of $20,000.00 since 2016

Below are calculations of equivalent buying power for New and used vehicles, over time, for $20,000 beginning in 2016. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
2016	$20,000.00	-0.54%
2017	$19,734.34	-1.33%
2018	$19,784.54	0.25%
2019	$19,849.10	0.33%
2020	$20,093.90	1.23%
2021	$22,850.36	13.72%
2022	$25,578.98	11.94%
2023	$25,477.76	-0.40%
2024	$24,870.51	-2.38%*

* 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	124.613

Adjust new and used vehicles prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 2016 * 2016 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for New and used motor vehicles was 100.209 in the year 2016 and 124.613 in 2024:

124.613 / 100.209 * $20,000 = $24,870.51

Therefore, according to U.S. Bureau of Labor Statistics, $20,000 in 2016 has the same "purchasing power" as $24,870.51 in 2024 (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.