A lot of older cars don’t have all the gizmos and gee-whiz technology of new cars, and that’s what’s driving the unprecedented demand for used cars. From Eric Peters at ericpetersautos.com:
Which costs more – buying a new vehicle or fixing up the one you’ve got?
Everyone has heard about the unprecedented skyrocketing prices of used vehicles – especially trucks – over the past couple of years. The “media” says this is happening because of shortages of new vehicles. The “media” also says that wearing “masks” – and getting Jabbed – “stops the spread.” If you still believe either, then go ahead and believe that used vehicle prices are up by 30-plus percent because of inventory shortages of new ones . . .
The truth is that the value of used vehicles – especially used trucks – waxes because interest in new ones wanes. While some people are stupid, not everyone is – and the ones who aren’t are smart enough to understand that we’ve already passed a kind of event horizon as regards the desirability of new vehicles vs. their undesirability.
STRAIGHT LINE LOGIC 