New cars and trucks price inflation, 1998→2022

New Cars And Trucks Inflation Calculator

Prices for New Cars And Trucks, 1998-2022 ($20,000)

According to the U.S. Bureau of Labor Statistics, prices for new cars and trucks are 16.94% higher in 2022 versus 1998 (a $3,388.21 difference in value).

Between 1998 and 2022: New cars and trucks experienced an average inflation rate of 0.65% per year. In other words, new cars and trucks costing $20,000 in the year 1998 would cost $23,388.21 in 2022 for an equivalent purchase. Compared to the overall inflation rate of 2.47% during this same period, inflation for new cars and trucks was lower.

In the year 1998: Pricing changed by -0.46%, which is below the average yearly change for new cars and trucks during the 1998-2022 time period. Compared to inflation for all items in 1998 (1.55%), inflation for new cars and trucks was lower.

Price Inflation for New cars and trucks since 1997

Consumer Price Index, U.S. Bureau of Labor Statistics

Years with the largest changes in pricing: 2022 (7.49%), 2021 (5.88%), and 2011 (2.83%).

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Buying power of $20,000.00 since 1998

Below are calculations of equivalent buying power for New cars and trucks, over time, for $20,000 beginning in 1998. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
1998	$20,000.00	-0.46%
1999	$19,918.08	-0.41%
2000	$19,896.45	-0.11%
2001	$19,814.53	-0.41%
2002	$19,517.77	-1.50%
2003	$19,214.84	-1.55%
2004	$19,098.92	-0.60%
2005	$19,202.47	0.54%
2006	$19,160.74	-0.22%
2007	$18,973.04	-0.98%
2008	$18,688.70	-1.50%
2009	$18,883.79	1.04%
2010	$19,218.84	1.77%
2011	$19,763.04	2.83%
2012	$20,086.63	1.64%
2013	$20,303.85	1.08%
2014	$20,370.65	0.33%
2015	$20,495.55	0.61%
2016	$20,519.78	0.12%
2017	$20,466.12	-0.26%
2018	$20,368.38	-0.48%
2019	$20,444.78	0.38%
2020	$20,551.65	0.52%
2021	$21,759.46	5.88%
2022	$23,388.21	7.49%*

* 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 cars and trucks:

Year	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
CPI	100.000	99.538	99.131	99.023	98.615	97.138	95.631	95.054	95.569	95.362	94.427	93.012	93.983	95.651	98.359	99.970	101.051	101.383	102.005	102.125	101.858	101.372	101.752	102.284	108.295	116.401

Adjust new cars and trucks prices for inflation

Start with the inflation rate formula:

CPI in 2022 / CPI in 1998 * 1998 USD value = 2022 USD value

Then plug in historical CPI values from above. The CPI for New cars and trucks was 99.538 in the year 1998 and 116.401 in 2022:

116.401 / 99.538 * $20,000 = $23,388.21

Therefore, according to U.S. Bureau of Labor Statistics, $20,000 in 1998 has the same "purchasing power" as $23,388.21 in 2022 (in the CPI category of New cars and trucks).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for New cars and trucks in 1997. In addition to new cars and trucks, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.