According to the U.S. Bureau of Labor Statistics, prices for new cars are 47.74% higher in 2024 versus 1988 (a $7,161.08 difference in value).
Between 1988 and 2024: Cars experienced an average inflation rate of 1.09% per year. In other words, cars costing $15,000 in the year 1988 would cost $22,161.08 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.74% during this same period, inflation for cars was lower.
In the year 1988: Pricing changed by 1.99%, which is above the average yearly change for cars during the 1988-2024 time period. Compared to inflation for all items in 1988 (4.08%), inflation for cars was lower.
Below are calculations of equivalent buying power for Cars, over time, for $15,000 beginning in 1988. Each of the amounts below is equivalent in terms of what it could buy at the time:
| Year | USD Value | Inflation Rate |
|---|---|---|
| 1988 | $15,000.00 | 1.99% |
| 1989 | $15,306.10 | 2.04% |
| 1990 | $15,528.27 | 1.45% |
| 1991 | $16,087.16 | 3.60% |
| 1992 | $16,477.19 | 2.42% |
| 1993 | $16,879.07 | 2.44% |
| 1994 | $17,455.73 | 3.42% |
| 1995 | $17,844.78 | 2.23% |
| 1996 | $18,154.83 | 1.74% |
| 1997 | $18,186.43 | 0.17% |
| 1998 | $18,061.02 | -0.69% |
| 1999 | $17,913.90 | -0.81% |
| 2000 | $17,913.90 | 0.00% ** |
| 2001 | $17,832.93 | -0.45% |
| 2002 | $17,622.61 | -1.18% |
| 2003 | $17,288.86 | -1.89% |
| 2004 | $17,193.07 | -0.55% |
| 2005 | $17,357.98 | 0.96% |
| 2006 | $17,512.01 | 0.89% |
| 2007 | $17,440.38 | -0.41% |
| 2008 | $17,380.77 | -0.34% |
| 2009 | $17,545.58 | 0.95% |
| 2010 | $17,726.54 | 1.03% |
| 2011 | $18,256.91 | 2.99% |
| 2012 | $18,507.46 | 1.37% |
| 2013 | $18,603.16 | 0.52% |
| 2014 | $18,544.83 | -0.31% |
| 2015 | $18,535.40 | -0.05% |
| 2016 | $18,444.87 | -0.49% |
| 2017 | $18,312.50 | -0.72% |
| 2018 | $18,223.78 | -0.48% |
| 2019 | $18,330.61 | 0.59% |
| 2020 | $18,478.87 | 0.81% |
| 2021 | $19,506.10 | 5.56% |
| 2022 | $21,665.96 | 11.07% |
| 2023 | $22,414.90 | 3.46% |
| 2024 | $22,161.08 | -1.13%* |
* 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:
| Year | 1935 | 1936 | 1937 | 1938 | 1939 | 1940 | 1941 | 1942 | 1943 | 1944 | 1945 | 1946 | 1947 | 1948 | 1949 | 1950 | 1951 | 1952 | 1953 | 1954 | 1955 | 1956 | 1957 | 1958 | 1959 | 1960 | 1961 | 1962 | 1963 | 1964 | 1965 | 1966 | 1967 | 1968 | 1969 | 1970 | 1971 | 1972 | 1973 | 1974 | 1975 | 1976 | 1977 | 1978 | 1979 | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 1986 | 1987 | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 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 | 2023 | 2024 |
| CPI | 20.300 | 20.400 | 20.800 | 21.800 | 21.300 | 21.300 | 23.000 | 23.000 | 23.000 | 23.000 | 23.000 | 23.000 | 34.450 | 37.540 | 40.900 | 41.120 | 43.320 | 46.900 | 47.192 | 46.454 | 44.823 | 46.062 | 48.469 | 50.031 | 52.192 | 51.508 | 51.500 | 51.308 | 50.985 | 50.877 | 49.723 | 48.808 | 49.262 | 50.654 | 51.469 | 53.031 | 55.208 | 54.731 | 54.762 | 57.931 | 62.900 | 66.885 | 70.423 | 75.808 | 81.823 | 88.369 | 93.754 | 97.362 | 99.877 | 102.754 | 106.046 | 110.615 | 114.577 | 116.854 | 119.238 | 120.969 | 125.323 | 128.362 | 131.492 | 135.985 | 139.015 | 141.431 | 141.677 | 140.700 | 139.554 | 139.554 | 138.923 | 137.285 | 134.685 | 133.938 | 135.223 | 136.423 | 135.865 | 135.401 | 136.685 | 138.094 | 142.226 | 144.178 | 144.923 | 144.469 | 144.396 | 143.690 | 142.659 | 141.968 | 142.800 | 143.955 | 151.958 | 168.783 | 174.618 | 172.641 |