Another aspect to consider is dealerships make much more money off used than new. Sometimes they'll even cut a deal on a new car just to get the trade-in.

A used car price collapse will have big impacts on dealer franchises. I know they're not necessarily a sympathetic group but it will definitely have an impact on the economy in many ways. Tighter margins, consolidation of territory as dealerships go out of business, and so on, means those dealerships are spending less on contracts.

There will be some kind of auto dealer market in a year or two but, barring massive government intervention to keep everything right where it is, it's going to be different in ways that touch many parts of our economy.