America’s car market operates in a giant cycle. No one planned it. But an interruption in one part of the cycle affects all the other parts. Waves that rock the new car market ripple through the used car market years later.
Americans have spent most of the past two years dealing with record-high new car prices. The average price paid for a new car recently fell below sticker price for the first time in nearly two years. Even that good news can be misleading because sticker prices themselves are near all-time highs.
Why?...