According to the U.S. Bureau of Labor Statistics, prices for new cars and trucks are 13.80% higher in 2022 versus 2020 (a $2,760.42 difference in value).
Between 2020 and 2022: New cars and trucks experienced an average inflation rate of 6.68% per year. This rate of change indicates significant inflation. In other words, new cars and trucks costing $20,000 in the year 2020 would cost $22,760.42 in 2022 for an equivalent purchase. Compared to the overall inflation rate of 6.34% during this same period, inflation for new cars and trucks was higher.
In the year 2020: Pricing changed by 0.52%, which is significantly below the average yearly change for new cars and trucks during the 2020-2022 time period. Compared to inflation for all items in 2020 (1.23%), 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 2020. Each of the amounts below is equivalent in terms of what it could buy at the time:
|Year||USD Value||Inflation Rate|
* 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: