In 2005, new vehicle prices declined, and used vehicle prices rose—but by less than in 2004.
The new vehicles price index decreased 0.4 percent last year, compared with a 0.6-percent rise in 2004. New car prices rose, while new truck prices decreased. Sharply rising gasoline prices led to increased demand for smaller, more fuel-efficient vehicles, such as hybrids. Simultaneously, consumer demand for new light trucks, including sport utility vehicles, decreased.
The used cars and trucks index increased 1.4 percent last year, compared with a 4.8-percent rise in 2004.
These data are from the Consumer Price Index program. To learn more about changes in the prices of goods and services purchased by consumers, see "Consumer prices rose 3.4 percent in 2005, about the same as last year," by Todd Wilson, Monthly Labor Review, May 2006. Annual percent changes are December-to-December changes.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Changes in prices for new and used vehicles at https://www.bls.gov/opub/ted/2006/jun/wk2/art02.htm (visited November 28, 2023).