...even as new sales are declining. That means there's a healthy supply of used cars that people can buy meaning someone is getting rid of one. There's an untapped market of buyers that want one for whatever reason, but won't buy new, can't afford new, have some other reason, etc. However, it also means that, while current owners may be replacing the ones they have, fewer new car sales are being made. So current owners are cycling through these, and used owners buy them. There's a very limited market for them, and if current owners stop buying them or first-time buyers quit buying them, then used owners will eventually have little or nothing to buy and the cycle will just slow itself to almost nothing. There may always be a demand for them from both new and used buyers, but it could just be a closed loop where no new input is ever made.