> there has been a lot of talk about COVID19 leading to an implosion of used car values

I don't get that. Surely people still need to travel, and are less likely to take public transport, wouldn't that drive up demand rather than drive down?

OK people might not be commuting 5 times a week, and perhaps doing fewer miles overall, but you'd still need a car.

If you live in a walkable city, then your requirement for a car hasn't changed if you are no longer walking/subwaying to the office

It depends on what segment of the car buying populace you're looking at. I work in the used car sale industry, and our business has been pretty flat over the past couple months. The companies I work with typically do the no credit check "buy here pay here" subprime financing thing. Defaults and repossessions have always been common in that segment, and the typical customer is working a job that has been part of the essential group (a lot of lower paid food/service work).

Those with good credit and a reliable if not older working car probably aren't buying cars much right now, but these people definitely are.

I'd guess that most used car sales are to people who already owned a car rather than first time car owners. Given less usage and an economic downturn people are going to be more likely to just keep their existing car for longer. And households with two cars won't bother replacing one even if it breaks beyond repair.

> Surely people still need to travel [..]

They might not be allowed to...

Data point: I have two vehicles parked outside the house right now, I have purchased exactly one tank of fuel for each of them since the start of March.

More people are going to drive their cars until the wheels come off. For many, upgrading their car means going from a used car to a slightly less used car. Those sales are on hold now.

40 million people in the U.S. are unemployed right now and are not likely to buy a new car.

Hence buying a used car instead...

My understanding with americans is that having a car is more essential than having a house

Most people who need cars have cars, and are putting less wear on them right now.

Two working people may need two cars; two unemployed people need one or zero cars.

You can sleep in your car but you can't drive your house.

Maybe we will get another "cash for clunkers" program out of this.