You're not wrong, but I think there's another factor, too. (And I drive a 2017 F150)

I would love to sell my truck and get something smaller. But I just got a repair estimate of almost $2500 to replace the from facing camera in my wife's Odyssey, and the Bluetooth stack in my truck has never really worked properly for phone calls. With cars becoming increasingly. "Software defined vehicles" I don't feel comfortable purchasing a $50k+ car that might have software bugs, or may not be supported for over 5-10yrs. I'm currently thinking very seriously that the best options are either to buy used or to lease.

Moreover, I'm thinking the overall percentage of private vehicles that are leased is going to continue to increase as time moves on, until the big mfrs are essentially acting as huge rental fleet operators.