That's not true, I could show you offers of my used truck being worth more than a brand new truck of the exact same generation of model in the exact same configuration. Used vehicle prices went insane during covid as the irrational market and places like Carvana paid more for your used car once it's off the lot.

I almost wonder if people overbought into the "new car must be more expensive" paradigm so they forgot new cars were competing against used cars, and the prices of used cars became irrationally high.

I thought it was that new cars had long lead times attached to them. Was that not the case?

I'm sure that's a big factor.

New cars did sort of have prices raised, because most of the incentive programs stopped. The 5-year zero interest financing, the thousands of dollars of rebates, the negotiating the dealer was willing to do, all ended. New cars sold at sticker price and there was no shortage of buyers.

Yes they did? There were upwards of $10k dealer mark-ups on new cars.