Used-vehicle values have been on a roller coaster ride since last spring, when the coronavirus began its rapid spread in the U.S.
As dealership showrooms in much of the country shut down amid government stay-at-home orders, used-vehicle prices collapsed in late March and into April of 2020 before rebounding that May.
They stayed unseasonably strong throughout last summer and then followed a somewhat typical pattern until March this year. That's when a shortage of new and used vehicles, combined with unusually high demand, sent prices soaring to unprecedented heights. Only in the past few weeks has price acceleration moderated to a slower pace.