A car loses about 10% of its value as soon as it’s driven off the lot. And within the first three years, that number goes up to 50%. Depreciation — the rate at which that happens — is one of those numbers everyone in the automotive world thinks about including consumers, automakers and the massive used car market, which made up somewhere around 35.2 million in 2022 — compared with 13.8 million new cars. But the Covid-19 pandemic turned the used car market upside down — constrained production and supply chain shortages sent prices skyrocketing, and increased for about two consecutive years, unprecedented for the industry. Those odd times have led to lasting changes, and industry insiders say it is likely to stay that way.

Americans have long had an enduring love affair with cars, and it’s deeply rooted in the country’s cultural, historical, and geographical aspects. The United States has a vast and diverse landscape, from sprawling cities to wide-open highways, encouraging a sense of exploration and adventure uniquely suited to car travel. The concept of freedom and independence is deeply intertwined with the car culture, symbolizing the ability to go anywhere at any time, fostering a sense of autonomy and self-expression. Cars represent a gateway to the American dream, signifying progress, prosperity, and the pursuit of success.

Moreover, the car has become a symbol of identity and status in American society. It’s not merely a mode of transportation but a reflection of personal style, values, and aspirations. From classic muscle cars to sleek modern vehicles, the car serves as a canvas for individuality and self-expression. Additionally, the convenience and practicality of cars in a country where public transportation might not be as readily available or efficient in certain regions further solidify their importance in American life. This deep-rooted passion for cars is nurtured by a mix of cultural influences, historical significance, and the practicality they offer in the vast American landscape.