New Cars Inflation by Year, 2018–2023: CPI Calculator

New Cars Inflation Calculator

Prices for New Cars, 2018-2023 ($40,000)

According to the U.S. Bureau of Labor Statistics, prices for new cars were 23% higher in 2023 versus 2018 (a $9,199.24 difference in value).

Between 2018 and 2023, New cars experienced an average inflation rate of 4.23% per year. This rate of change indicates significant inflation. In other words, new cars costing $40,000 in the year 2018 would cost $49,199.24 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 3.94% during this same period, inflation for new cars was higher.

In the year 2018: Pricing changed by -0.48%, which is significantly below the average yearly change for new cars during the 2018-2023 time period. Compared to inflation for all items in 2018 (2.44%), inflation for new cars was lower.

Price Inflation for New cars since 1947

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

Years with the largest changes in pricing: 2022 (11.07%), 1949 (10.14%), and 1952 (9.05%).

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Buying power of $40,000.00 since 2018

Below are calculations of equivalent buying power for New cars, over time, for $40,000 beginning in 2018. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
2018	$40,000.00	-0.48%
2019	$40,234.49	0.59%
2020	$40,559.92	0.81%
2021	$42,814.60	5.56%
2022	$47,555.37	11.07%
2023	$49,199.24	3.46%
2024	$48,617.37	-1.18%
2025	$48,876.37	0.53%
2026	$49,420.57	1.11%*

* 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	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	2025	2026
CPI	34.080	36.917	40.658	41.108	42.708	46.575	47.192	46.450	44.825	46.058	48.467	50.033	52.192	51.508	51.500	51.308	50.983	50.875	49.725	48.808	49.258	50.650	51.467	53.033	55.208	54.733	54.758	57.933	62.900	66.883	70.425	75.808	81.825	88.367	93.758	97.358	99.875	102.750	106.042	110.617	114.575	116.850	119.242	120.967	125.325	128.358	131.492	135.983	139.017	141.433	141.675	140.700	139.550	139.550	138.925	137.283	134.683	133.942	135.225	136.425	135.865	135.401	136.684	138.094	142.226	144.178	144.923	144.469	144.395	143.690	142.659	141.968	142.800	143.955	151.958	168.783	174.618	172.553	173.472	175.403

Adjust new cars prices for inflation

Start with the inflation rate formula:

CPI in 2023 / CPI in 2018* 2018 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for New cars was 141.968 in the year 2018 and 174.618 in 2023:

174.618 / 141.968* $40,000 = $49,199.24

Therefore, according to U.S. Bureau of Labor Statistics, $40,000 in 2018 has the same "purchasing power" as $49,199.24 in 2023 (in the CPI category of New cars).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for New cars in 1947. In addition to new cars, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.