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America’s car market operates in a giant cycle. No one planned it. But an interruption in one part of the cycle affects all the other parts. Waves that rock the new-car market ripple through the used-car market years later.
Americans have spent most of the past two years dealing with record-high new-car prices. The average price paid for a new car recently fell below sticker price for the first time in nearly two years. Even that good news can be misleading because sticker prices themselves are near all-time highs.
Why?…
