Vehicles price inflation, 2021→2024

Vehicles Inflation Calculator

Prices for Vehicles, 2021-2024 ($20,000)

According to the U.S. Bureau of Labor Statistics, prices for new vehicles are 13.90% higher in 2024 versus 2021 (a $2,780.46 difference in value).

Between 2021 and 2024: Vehicles experienced an average inflation rate of 4.43% per year. This rate of change indicates significant inflation. In other words, vehicles costing $20,000 in the year 2021 would cost $22,780.46 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 4.96% during this same period, inflation for vehicles was lower.

In the year 2021: Pricing changed by 5.85%, which is above the average yearly change for vehicles during the 2021-2024 time period. Compared to inflation for all items in 2021 (4.70%), inflation for vehicles was higher.

Price Inflation for New vehicles since 1935

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

Years with the largest changes in pricing: 1947 (50%), 2022 (10.39%), and 1949 (9.10%).

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Buying power of $20,000.00 since 2021

Below are calculations of equivalent buying power for Vehicles, over time, for $20,000 beginning in 2021. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
2021	$20,000.00	5.85%
2022	$22,078.82	10.39%
2023	$22,900.45	3.72%
2024	$22,780.46	-0.52%*

* 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 vehicles:

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	21.400	23.000	23.000	23.000	23.000	23.000	23.000	34.500	37.580	41.000	41.220	43.360	46.940	47.254	46.508	44.877	46.138	48.546	50.108	52.246	51.569	51.562	51.362	51.054	50.908	49.792	48.892	49.346	50.692	51.515	53.131	55.277	54.792	54.808	57.985	62.985	66.969	70.523	75.900	81.923	88.469	93.869	97.477	99.877	102.631	106.054	110.600	114.385	116.515	119.162	121.400	125.985	129.208	132.738	137.585	140.954	143.669	144.254	143.438	142.862	142.754	142.108	140.000	137.854	137.062	137.908	137.585	136.254	134.194	135.623	138.005	141.883	144.232	145.783	146.275	147.135	147.358	146.992	146.287	146.834	147.600	156.240	172.480	178.899	177.961

Adjust vehicles prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 2021 * 2021 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for New vehicles was 156.240 in the year 2021 and 177.961 in 2024:

177.961 / 156.240 * $20,000 = $22,780.46

Therefore, according to U.S. Bureau of Labor Statistics, $20,000 in 2021 has the same "purchasing power" as $22,780.46 in 2024 (in the CPI category of New vehicles).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for New vehicles in 1935. In addition to vehicles, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.