[Spooky23]

The market was disrupted a decade back by cash for clunkers, which took lots of cars off the road. That raised prices and forced banks to write loans for older cars.

At the same time, emissions controls changed the market in that cars are more governed by use not age. I mostly buy Hondas and know the market a bit, and they are all good for about 200,000 miles without significant maintenance.

I sold a 2003 Honda Pilot with 250k miles for $2,500 last year -- really high considering all of the stuff that will break on a car of that vintage. In the 90's, that pricepoint would be for a much younger car. A place like CarMax will sell a 2010 Pilot with low mileage for $15k, which works because the TCO works out -- you won't have lots of maintenance.