According to the U.S. Bureau of Labor Statistics, prices for new and used motor vehicles are 37.73% higher in 2022 versus 1993 (a $7,546.17 difference in value).
Between 1993 and 2022: New and used vehicles experienced an average inflation rate of 1.11% per year. In other words, new and used vehicles costing $20,000 in the year 1993 would cost $27,546.17 in 2022 for an equivalent purchase. Compared to the overall inflation rate of 2.38% during this same period, inflation for new and used vehicles was lower.
Below are calculations of equivalent buying power for New and used vehicles, over time, for $20,000 beginning in 1993. Each of the amounts below is equivalent in terms of what it could buy at the time:
Year | USD Value | Inflation Rate |
---|---|---|
1993 | $20,000.00 | - |
1994 | $20,811.77 | 4.06% |
1995 | $21,648.96 | 4.02% |
1996 | $22,021.25 | 1.72% |
1997 | $21,923.18 | -0.45% |
1998 | $21,819.67 | -0.47% |
1999 | $21,816.04 | -0.02% |
2000 | $21,975.85 | 0.73% |
2001 | $22,077.54 | 0.46% |
2002 | $21,618.09 | -2.08% |
2003 | $21,027.88 | -2.73% |
2004 | $20,526.65 | -2.38% |
2005 | $20,829.93 | 1.48% |
2006 | $20,833.56 | 0.02% |
2007 | $20,551.35 | -1.35% |
2008 | $20,330.54 | -1.07% |
2009 | $20,374.39 | 0.22% |
2010 | $21,171.32 | 3.91% |
2011 | $21,742.52 | 2.70% |
2012 | $21,924.16 | 0.84% |
2013 | $21,997.26 | 0.33% |
2014 | $21,968.64 | -0.13% |
2015 | $21,962.34 | -0.03% |
2016 | $21,836.34 | -0.57% |
2017 | $21,527.69 | -1.41% |
2018 | $21,602.12 | 0.35% |
2019 | $21,672.39 | 0.33% |
2020 | $21,943.43 | 1.25% |
2021 | $24,952.64 | 13.71% |
2022 | $27,546.17 | 10.39%* |
Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for New and used motor vehicles:
Year | 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 |
CPI | 91.775 | 95.500 | 99.342 | 101.050 | 100.600 | 100.125 | 100.108 | 100.842 | 101.308 | 99.200 | 96.492 | 94.192 | 95.583 | 95.600 | 94.305 | 93.292 | 93.493 | 97.150 | 99.771 | 100.604 | 100.940 | 100.809 | 100.780 | 100.201 | 98.785 | 99.127 | 99.449 | 100.693 | 114.501 | 126.403 |