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I'm about 50/50 on which way I think things will head in the next 3 years...
The recession will mean less demand for new cars, so new cars will become available and dealerships won't be able to charge over MSRP for them (and manufacturers will offer rebates).
...but, in a recession, people hold onto their vehicles longer and used car inventory gets tighter, driving prices up.
Probably 10% of the 30% increase in used car prices is gobbled up by inflation and will never return to previous levels. That might leave a 20% reduction in prices on the table. I would expect no more reduction than that.
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