According to the U.S. Bureau of Labor Statistics, prices for new and used motor vehicles were 8.74% higher in 2021 versus 2018 (a $1,748.29 difference in value).
Between 2018 and 2021: New and used vehicles experienced an average inflation rate of 2.83% per year. This rate of change indicates significant inflation. In other words, new and used vehicles costing $20,000 in the year 2018 would cost $21,748.29 in 2021 for an equivalent purchase. Compared to the overall inflation rate of 1.97% during this same period, inflation for new and used vehicles was higher.
In the year 2018: Pricing changed by 0.26%, which is below the average yearly change for new and used vehicles during the 2018-2021 time period. Compared to inflation for all items in 2018 (2.44%), inflation for new and used vehicles was lower.
Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for New and used motor vehicles:
Below are calculations of equivalent buying power for New and used vehicles, over time, for $20000 beginning in 2018. Each of the amounts below is equivalent in terms of what it could buy at the time:
|Year||USD Value||Inflation Rate|