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I think the automotive price gouging that happened for a few years during COVID has thrown some people perception of car devaluation out of wack. Perhaps for drivers who purchased their first new car shortly before COVID hit never experienced depreciation and therefore assumed that was normal.

Historically, drive a new car off the lot and lose 20% give or take. Ask your parents or older adults.

It's the same thing with home loan interest rates. There is group of people who only ever paid 2 or 3 percent interest and think what we have now is abnormally high. What we have now is normal, the low rates were abnormally low.