According to the U.S. Bureau of Labor Statistics, prices for new and used motor vehicles were 0.40% lower in 2023 versus 2022 (a $79.14 difference in value).
Between 2022 and 2023: New and used vehicles experienced an average inflation rate of -0.40% per year. In other words, new and used vehicles costing $20,000 in the year 2022 would cost $19,920.86 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 4.12% during this same period, inflation for new and used vehicles was significantly lower.
In the year 2022: Pricing changed by 11.94%, which is significantly above the average yearly change for new and used vehicles during the 2022-2023 time period. Compared to inflation for all items in 2022 (8%), inflation for new and used vehicles was much higher.
Below are calculations of equivalent buying power for New and used vehicles, over time, for $20,000 beginning in 2022. Each of the amounts below is equivalent in terms of what it could buy at the time:
| Year | USD Value | Inflation Rate |
|---|---|---|
| 2022 | $20,000.00 | 11.94% |
| 2023 | $19,920.86 | -0.40% |
| 2024 | $19,468.82 | -2.27%* |
* 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 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 | 2023 | 2024 |
| CPI | 91.800 | 95.531 | 99.385 | 100.992 | 100.538 | 100.123 | 100.108 | 100.823 | 101.308 | 99.208 | 96.469 | 94.192 | 95.592 | 95.600 | 94.303 | 93.291 | 93.486 | 97.149 | 99.770 | 100.604 | 100.931 | 100.796 | 100.754 | 100.209 | 98.878 | 99.130 | 99.453 | 100.680 | 114.491 | 128.162 | 127.655 | 124.758 |