Cars price inflation, 2019→2023

Cars Inflation Calculator

Prices for Cars, 2019-2023 ($40,000)

According to the U.S. Bureau of Labor Statistics, prices for new cars were 22.28% higher in 2023 versus 2019 (a $8,912.51 difference in value).

Between 2019 and 2023: Cars experienced an average inflation rate of 5.16% per year. This rate of change indicates significant inflation. In other words, cars costing $40,000 in the year 2019 would cost $48,912.51 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 4.49% during this same period, inflation for cars was higher.

In the year 2019: Pricing changed by 0.59%, which is significantly below the average yearly change for cars during the 2019-2023 time period. Compared to inflation for all items in 2019 (1.81%), inflation for cars was lower.

Price Inflation for New cars since 1935

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

Years with the largest changes in pricing: 1947 (49.78%), 2022 (11.07%), and 1948 (8.97%).

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Buying power of $40,000.00 since 2019

Below are calculations of equivalent buying power for Cars, over time, for $40,000 beginning in 2019. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
2019	$40,000.00	0.59%
2020	$40,323.53	0.81%
2021	$42,565.09	5.56%
2022	$47,278.21	11.07%
2023	$48,912.51	3.46%
2024	$48,358.63	-1.13%*

* 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	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	21.300	23.000	23.000	23.000	23.000	23.000	23.000	34.450	37.540	40.900	41.120	43.320	46.900	47.192	46.454	44.823	46.062	48.469	50.031	52.192	51.508	51.500	51.308	50.985	50.877	49.723	48.808	49.262	50.654	51.469	53.031	55.208	54.731	54.762	57.931	62.900	66.885	70.423	75.808	81.823	88.369	93.754	97.362	99.877	102.754	106.046	110.615	114.577	116.854	119.238	120.969	125.323	128.362	131.492	135.985	139.015	141.431	141.677	140.700	139.554	139.554	138.923	137.285	134.685	133.938	135.223	136.423	135.865	135.401	136.685	138.094	142.226	144.178	144.923	144.469	144.396	143.690	142.659	141.968	142.800	143.955	151.958	168.783	174.618	172.641

Adjust cars prices for inflation

Start with the inflation rate formula:

CPI in 2023 / CPI in 2019 * 2019 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for New cars was 142.800 in the year 2019 and 174.618 in 2023:

174.618 / 142.800 * $40,000 = $48,912.51

Therefore, according to U.S. Bureau of Labor Statistics, $40,000 in 2019 has the same "purchasing power" as $48,912.51 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 1935. In addition to cars, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.