I think what is happening is that in a normal economy, new cars are readily available, and the market for used cars is replenished not only with individual owners selling the cars they originally bought new, but also with off-lease and fleet sales. However, there has been supply chain problems that led to problems in the new car market. Many dealers have fewer cars available (and in many cases dealerships tack on large surcharges), and if you want a car with the exact feature you want, you may need to place a special order, which can take many months to fulfill. If you can wait for the special order, this may be a reasonable approach. However, many people on the car market need a car immediately. Thus, with the problems facing the new car market, more people are looking at used cars. But with increased demand combined with decreased supply, used car prices have skyrocketed. I also imagine that the demand for fuel-efficient cars and EVs will increase due to very high gas prices.<p>I don’t imagine the situation returning to “normal” until the supply chain issues are resolved. Even then, it will take a while for used car inventory to get replenished. This is anecdotal, but in my experience price inflation tends to stick; unless there is a glut of cars, I don’t expect used car prices to drop to pre-pandemic levels.