According to the U.S. Bureau of Labor Statistics, prices for new cars and trucks are 14.40% higher in 2022 versus 2019 (a $2,879.40 difference in value).
Between 2019 and 2022: New cars and trucks experienced an average inflation rate of 4.59% per year. This rate of change indicates significant inflation. In other words, new cars and trucks costing $20,000 in the year 2019 would cost $22,879.40 in 2022 for an equivalent purchase. Compared to the overall inflation rate of 3.90% during this same period, inflation for new cars and trucks was higher.
In the year 2019: Pricing changed by 0.38%, which is significantly below the average yearly change for new cars and trucks during the 2019-2022 time period. Compared to inflation for all items in 2019 (1.81%), inflation for new cars and trucks was lower.
Below are calculations of equivalent buying power for New cars and trucks, over time, for $20,000 beginning in 2019. 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 cars and trucks: