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> Used cars got hit first because it's harder to pretend they are a good asset to hold.

We arent even down to pre post covid prices on ordinary used cars, and dont get me started on collectibles craze.

I thought that was more actual demand than speculation. Consumers have relatively inelastic demand for cars in general, but 1) their real income took a hit post-COVID and hasn't recovered, and 2) simply being used makes a car cheaper, since they are such poor assets to hold.

How many people need a G-Wagon, or W113, or Porsche 914, or even old Toyota truck? Luxury and bad cheap commuter cars are a quickly depreciating asset, smart money would lease those.

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