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Anyone have a reference guide/site(s) for inflation prices year over year for comparison?
Posted on 5/14/22 at 10:18 am
Posted on 5/14/22 at 10:18 am
For a minute forget price increases on your favorite yogurt jumping from $3 to $3.50.
I would like a way (a site out there possibly) to reference price increases on vehicles over the past 2 years. Like homes this is usually a major financial family or personal purchase and one you can literally pay for over the long run making a mistake and buying something way "over" inflated. The difference obviously with a vehicle over a home is that it is a big-time depreciating asset, and any used or new car purchase can be a disaster once inventory and competition picks back up.
The reason for the reference point is yes maybe prices won't get back to pre- covid prices, but you'll have an idea of where they were and now vs then and help in making a possible purchase. Understanding a sellers inflated prices helps so you know that it will eventually work itself back towards somewhere the middle and wait or that they are selling at a fair market value based also on looking at other seller/dealer prices as well in your research.
Bottom line is I like many others forgot what I had for breakfast two days ago and as we move forward looking at prices on things you start to get jaded and forget that these prices are not normal and it could help a person decide if something is completely out of line on their pricing increase or being fair based on market value.
Wondering what some of you may be doing to protect yourself from bad major purchases. Any stories on recent purchases here are welcome. I sure would like to hear them and others probably do as well.
TIA
I would like a way (a site out there possibly) to reference price increases on vehicles over the past 2 years. Like homes this is usually a major financial family or personal purchase and one you can literally pay for over the long run making a mistake and buying something way "over" inflated. The difference obviously with a vehicle over a home is that it is a big-time depreciating asset, and any used or new car purchase can be a disaster once inventory and competition picks back up.
The reason for the reference point is yes maybe prices won't get back to pre- covid prices, but you'll have an idea of where they were and now vs then and help in making a possible purchase. Understanding a sellers inflated prices helps so you know that it will eventually work itself back towards somewhere the middle and wait or that they are selling at a fair market value based also on looking at other seller/dealer prices as well in your research.
Bottom line is I like many others forgot what I had for breakfast two days ago and as we move forward looking at prices on things you start to get jaded and forget that these prices are not normal and it could help a person decide if something is completely out of line on their pricing increase or being fair based on market value.
Wondering what some of you may be doing to protect yourself from bad major purchases. Any stories on recent purchases here are welcome. I sure would like to hear them and others probably do as well.
TIA
7
Posted on 5/14/22 at 10:26 am to Morpheus
Bureau of Labor Statistics has producer price index. I have a link saved on work pc, but don't cross that unit to tigerdroppings. Do some digging. You can drill down within that website to search industry specific by naics code and see percentage increase month over month... you seem fairly intelligent, I feel with the information provided you can find what your need.
Posted on 5/14/22 at 10:41 am to LT
Sounds miserable. Was looking for user friendly options.
I’ll look at it though. Thank you for the suggestion.
I’ll look at it though. Thank you for the suggestion.
This post was edited on 5/14/22 at 10:44 am
Posted on 5/14/22 at 10:42 am to Morpheus
I recently read somewhere that used car prices increased 38% in one year. That was the entire used car industry over the whole country. That's insane.
And for most people a car is a necessity.
My car is 15 years old with 140k miles and a fair bit of wear and tear. I would like to sell it/trade it in to upgrade to something newer and different but I'm not eating a 40% market increase. I'll just ride out something outdated and stomach the repairs until the market hopefully corrects back to normal.
I passed a four car wreck this morning where it looked like three of the cars were totaled. My first thought was I hope everyone is ok and not badly hurt. My second thought was they are in for a shock when they go shopping to replace those vehicles.
Posted on 5/14/22 at 10:45 am to Morpheus
Posted on 5/14/22 at 10:51 am to Morpheus
The Bureau of Labor Statistics also calculates the Consumer Price Index (CPI) which tracks inflation for consumers. That is the statistic that is quoted for inflation. You can download data for sectors, specific products and services, regions, and several major cities, and going back several years.
Posted on 5/14/22 at 10:53 am to AUFANATL
I was smart while being lucky at the same time 2 years ago in March 2020.
I had wanted an X5 for years and was ready to buy. I drove by BMW saw exact used model I wanted on a rainy day in the beginning of COVID when everyone thought we were gonna die and at home. No one there and had sold cars for a minute right of college to make some quick cash. Knew inventory was soon to be an issue and the dealer knew it too. Offered $5000 off sticker they gave me $4500 off. I wanted $18,000 for my Lexus GS and asked for $20,000 they gave me $18,000.
Now my X5 2 years later and 20,000 more miles is worth about 2 grand more.
I had wanted an X5 for years and was ready to buy. I drove by BMW saw exact used model I wanted on a rainy day in the beginning of COVID when everyone thought we were gonna die and at home. No one there and had sold cars for a minute right of college to make some quick cash. Knew inventory was soon to be an issue and the dealer knew it too. Offered $5000 off sticker they gave me $4500 off. I wanted $18,000 for my Lexus GS and asked for $20,000 they gave me $18,000.
Now my X5 2 years later and 20,000 more miles is worth about 2 grand more.
Posted on 5/14/22 at 11:00 am to Morpheus
Vehicles are one of many expenses where the CPI doesn’t really “work” for inflation calculations, at least not over a long period of time. The whole premise of the CPI is that it’s set up to track increasing costs for goods that don’t change over time - think milk, eggs, lumber, etc.
There are a lot of non-inflationary factors that have been driving the cost of vehicles up for years now. Two major factors are:
1. Government-mandated emissions and fuel efficiency requirements.
2. Increasing consumer expectations for features available at a given trim level (e.g. backup cameras and touchscreens in standard trims).
The same can be said for a lot of other technology products. Cell phones are the classic example. An iPhone 13 Pro is $1,000 where a Motorola RAZR was like $150 18 years ago. Does that mean phones are 6x more expensive due to inflation? Not really, unless you think an OG RAZR and an iPhone 13 Pro are equivalent.
You can definitely get a feel for the immediate impacts of the post-COVID inflation by looking at vehicle prices over the last couple of years, but beyond that it’s kind of tough.
There are a lot of non-inflationary factors that have been driving the cost of vehicles up for years now. Two major factors are:
1. Government-mandated emissions and fuel efficiency requirements.
2. Increasing consumer expectations for features available at a given trim level (e.g. backup cameras and touchscreens in standard trims).
The same can be said for a lot of other technology products. Cell phones are the classic example. An iPhone 13 Pro is $1,000 where a Motorola RAZR was like $150 18 years ago. Does that mean phones are 6x more expensive due to inflation? Not really, unless you think an OG RAZR and an iPhone 13 Pro are equivalent.
You can definitely get a feel for the immediate impacts of the post-COVID inflation by looking at vehicle prices over the last couple of years, but beyond that it’s kind of tough.
This post was edited on 5/14/22 at 11:04 am
Posted on 5/14/22 at 11:03 am to Morpheus
Posted on 5/14/22 at 11:27 am to lostinbr
Just to clarify we all know there are to many variables involved to get an accurate reasoning behind all inflation and what causes it now on certain items.
I’m more or less looking at finding priceing over the years specially vehicles and once I see or have that information I do other research as to why and determine if it’s going to be a long term problem or something that’s a bubble and burst when that particular items stranglehold opens back up full throat.
I’m more or less looking at finding priceing over the years specially vehicles and once I see or have that information I do other research as to why and determine if it’s going to be a long term problem or something that’s a bubble and burst when that particular items stranglehold opens back up full throat.
Posted on 5/14/22 at 1:19 pm to Morpheus
The government created modern day inflation, if you want to know when things really changed you need to look at pre 1913 and post 1913 in the US.
Of course the OT would approve the post 1913 inflation number of 3.50%.
The Trump and Biden spending is a huge experiment, Trump believed in spending and campaigned on it. He said the US borrowing money was GOOD but when you point it out and use his own words like “This is a time to borrow and borrow long term,” to point out his reckless spending you get downvoted to oblivion. Hopefully this experiment ends soon since know Trump has proven uncontrolled spending and creation of money causes inflation but I doubt it. Inflation isn't hurting the rich and politicians, only the poor and those without assets outside of cash.
CNBC article about CNBC interview with Trump
Of course the OT would approve the post 1913 inflation number of 3.50%.
The Trump and Biden spending is a huge experiment, Trump believed in spending and campaigned on it. He said the US borrowing money was GOOD but when you point it out and use his own words like “This is a time to borrow and borrow long term,” to point out his reckless spending you get downvoted to oblivion. Hopefully this experiment ends soon since know Trump has proven uncontrolled spending and creation of money causes inflation but I doubt it. Inflation isn't hurting the rich and politicians, only the poor and those without assets outside of cash.
CNBC article about CNBC interview with Trump
Posted on 5/14/22 at 5:22 pm to armsdealer
Thanks for high jacking man. J/K good info still doesn't answer the original question though.
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