So I stumbled on this Youtube video:
I thought the guy had some interesting points. Apparently leasing has really taken off in the last five years with low interest rates and high residuals. A wave of lease returns is about to hit the market, depressing used car prices. This will lead to higher lease rates and slow everything down.
I've been helping my son look for a 535. These were $70k+ cars new and low $20s buy a pretty nice low miles example. Can it get cheaper?