According to the U.S. Bureau of Labor Statistics, prices for new and used motor vehicles are 7.93% higher in 2021 versus 2016 (a $1,585.89 difference in value).
Between 2016 and 2021: New and used vehicles experienced an average inflation rate of 1.54% per year. In other words, new and used vehicles costing $20,000 in the year 2016 would cost $21,585.89 in 2021 for an equivalent purchase. Compared to the overall inflation rate of 2.34% during this same period, inflation for new and used vehicles was lower.
In the year 2016: Pricing changed by -0.54%, which is below the average yearly change for new and used vehicles during the 2016-2021 time period. Compared to inflation for all items in 2016 (1.26%), inflation for new and used vehicles was lower.
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|
Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for New and used motor vehicles: