Not that I pay close attention, but I don't recall any other time where used car prices spiked this much.
How much did used car prices increase when the regressive "cash for clunkers" was implemented?
Quote:
The Car Allowance Rebate System (CARS), colloquially known as "cash for clunkers", was a $3 billion U.S. federal scrappage program intended to provide economic incentives to U.S. residents to purchase a new, more fuel-efficient vehicle when trading in a less fuel-efficient vehicle.
A 2009 study by researchers at the University of Michigan Transportation Research Institute evaluated the effects of the program on the average fuel economy considering a baseline without the existence of the program, since there was already a trend for buying vehicles with higher fuel economy due to the high gasoline prices of 2007 and 2008, and the economic crisis of 2008. The study found that the program improved the average fuel economy of all vehicles purchased by 0.6 mpg in July 2009 and by 0.7 mpg in August 2009.[64]
A 2010 study published in the journal Environmental Research Letters reported on the findings of a life-cycle assessment study of the CARS program. The researchers found that CARS prevented 4.4 million metric tons of carbon dioxide equivalent emissions, representing an estimated 0.4% of the annual U.S. emissions from light-duty vehicles.[65]
A 2013 study published in the Journal of Environmental Economics and Management concluded that the program reduced carbon emissions by between 9 million tons and 28.2 million tons, "implying a cost per ton ranging from $92 to $288 even after accounting for reduced criteria pollutants."[60]
A 2013 Brookings Institution study found that "the CARS program led to a slight improvement in fuel economy and some reduction in carbon emissions. The cost per ton of carbon dioxide reduced from the program suggests that the program was not a cost-effective way to reduce emissions, although was more cost-effective than some other environmental policies, such as the tax subsidy for electric vehicles or the tax credit for ethanol."
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https://en.wikipedia.org/wiki/Car_Al..._Rebate_System