Secondhand cars: why are they so expensive and when will prices drop?

We've always been told cars devalue rapidly, but the booming secondhand car market shows this may not be true in a pandemic

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It was once a rule as sure as gravity: buy a 2012 Toyota in January and it would be worth significantly less by December.

But if you've bought a secondhand car anytime over the last two years, it should be pretty obvious that rule hasn't held true during the pandemic as prices have been driven up by 50% on some models in Australia and overseas.