I heard a story recently which shows how bad the second hand car market is. I heard it second hand so it was fairly reliable (i.e not 15th hand).
A guy had a friend who was a prestige used car dealer. He asked the dealer to keep an eye out for a good value low kms e46 M3.
A couple of months later a guy comes to the dealer with a maserati quattroporte. He says I need to sell this today. The dealer says - Mate, I got more cars than I can sell - sorry no interest. The guy says I need the cash today. The delaer says mate I can't - too much inventory. The guy says - please I am getting margin called. I need the cash today. Dealer says ok - 90k is best I can do. Guy goes Fuk...ok done...
Dealer calls the m3 buyer and says how bout a 6mth old quattroporte for 110k? M3 buyer says DONE! Snips for him.
Obvioulsy a bit of a one off but still doesn't help the market.
A 2 yr old 599 went for $420k at auction last week. It had 2000kms on it. 700 new!