Car maintenance priced at $500 in 1968 $5,991.56 in 2023

Car Maintenance Inflation Calculator

$

Prices for Car Maintenance, 1968-2023 ($500)

According to the U.S. Bureau of Labor Statistics, prices for motor vehicle maintenance and repair were 1,098.31% higher in 2023 versus 1968 (a $5,491.56 difference in value).

Between 1968 and 2023: Car maintenance experienced an average inflation rate of 4.62% per year. This rate of change indicates significant inflation. In other words, car maintenance costing $500 in the year 1968 would cost $5,991.56 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 4.02% during this same period, inflation for car maintenance was higher.

In the year 1968: Pricing changed by 5.39%, which is above the average yearly change for car maintenance during the 1968-2023 time period. Compared to inflation for all items in 1968 (4.27%), inflation for car maintenance was higher.

Price Inflation for Motor vehicle maintenance and repair since 1935

Consumer Price Index, U.S. Bureau of Labor Statistics
Years with the largest changes in pricing: 1975 (12.64%), 2023 (11.53%), and 1980 (10.61%).

View price changes for other categories
Gasoline (all types) · Fish and seafood · Phoenix, Arizona · Educational books and supplies · More

Buying power of $500.00 since 1968

Below are calculations of equivalent buying power for Car maintenance, over time, for $500 beginning in 1968. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
1968$500.005.39%
1969$532.306.46%
1970$571.817.42%
1971$612.877.18%
1972$640.854.57%
1973$674.595.27%
1974$743.6410.23%
1975$837.6612.64%
1976$899.507.38%
1977$966.387.44%
1978$1,046.118.25%
1979$1,150.8210.01%
1980$1,272.9310.61%
1981$1,392.779.41%
1982$1,498.087.56%
1983$1,565.204.48%
1984$1,619.603.48%
1985$1,666.912.92%
1986$1,722.383.33%
1987$1,791.554.02%
1988$1,868.644.30%
1989$1,949.334.32%
1990$2,030.984.19%
1991$2,122.724.52%
1992$2,205.213.89%
1993$2,276.783.25%
1994$2,344.022.95%
1995$2,404.182.57%
1996$2,472.142.83%
1997$2,540.232.75%
1998$2,607.952.67%
1999$2,682.762.87%
2000$2,767.893.17%
2001$2,864.673.50%
2002$2,969.263.65%
2003$3,053.192.83%
2004$3,124.522.34%
2005$3,229.953.37%
2006$3,365.874.21%
2007$3,480.443.40%
2008$3,650.544.89%
2009$3,798.494.05%
2010$3,870.561.90%
2011$3,950.882.08%
2012$4,020.861.77%
2013$4,084.221.58%
2014$4,152.651.68%
2015$4,225.881.76%
2016$4,298.231.71%
2017$4,383.701.99%
2018$4,470.041.97%
2019$4,620.563.37%
2020$4,776.503.38%
2021$4,963.123.91%
2022$5,372.008.24%
2023$5,991.5611.53%
2024$6,268.624.62%*

* 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 Motor vehicle maintenance and repair:

Year193519361937193819391940194119421943194419451946194719481949195019511952195319541955195619571958195919601961196219631964196519661967196819691970197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024
CPI13.10013.10013.10013.10013.10013.10013.60014.80015.00015.20015.30015.80017.21718.18018.56018.98020.44020.90022.06022.78023.26024.24025.10025.44026.02026.50027.18027.46027.86028.23328.80029.28030.39232.03134.10036.63139.26241.05443.21547.63853.66257.62361.90867.01573.72381.54689.22395.969100.269103.754106.785110.338114.769119.708124.877130.108135.985141.269145.854150.162154.015158.369162.731167.069171.862177.315183.515190.215195.592200.162206.915215.623222.963233.859243.337247.954253.099257.582261.641266.025270.717275.351280.827286.358296.000305.990317.945344.139383.829401.577

Adjust car maintenance prices for inflation

Start with the inflation rate formula:

CPI in 2023 / CPI in 1968 * 1968 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for Motor vehicle maintenance and repair was 32.031 in the year 1968 and 383.829 in 2023:

383.829 / 32.031 * $500 = $5,991.56

Therefore, according to U.S. Bureau of Labor Statistics, $500 in 1968 has the same "purchasing power" as $5,991.56 in 2023 (in the CPI category of Motor vehicle maintenance and repair).


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

» Read more about inflation and investment.