According to the U.S. Bureau of Labor Statistics, prices for new and used motor vehicles were 9.83% higher in 2021 versus 2020 (a $1,965.04 difference in value).
Between 2020 and 2021: New and used vehicles experienced an average inflation rate of 9.83% per year. This rate of change indicates significant inflation. In other words, new and used vehicles costing $20,000 in the year 2020 would cost $21,965.04 in 2021 for an equivalent purchase. Compared to the overall inflation rate of 3.55% during this same period, inflation for new and used vehicles was significantly higher.
In the year 2020: Pricing changed by 1.25%, which is significantly below the average yearly change for new and used vehicles during the 2020-2021 time period. Compared to inflation for all items in 2020 (1.23%), inflation for new and used vehicles was higher.
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 2020. Each of the amounts below is equivalent in terms of what it could buy at the time:
|Year||USD Value||Inflation Rate|