> The market still hasn't budged in used car pricing though.
Last thing people want to do now is buying (or worse, financing) a new multi-ten-thousand dollar car. Unless your car is falling apart or you desperately need money you should absolutely keep your car, which is why there are not enough sellers to force a price downturn for used cars.
For new cars the situation is similar but different - a new car doesn't lose much value until it has been sold. When a car company / dealership can afford to ride out for half a year until the consumer side stabilizes, why should they discount or even take a loss?
Last thing people want to do now is buying (or worse, financing) a new multi-ten-thousand dollar car. Unless your car is falling apart or you desperately need money you should absolutely keep your car, which is why there are not enough sellers to force a price downturn for used cars.
For new cars the situation is similar but different - a new car doesn't lose much value until it has been sold. When a car company / dealership can afford to ride out for half a year until the consumer side stabilizes, why should they discount or even take a loss?