A lot of the economy is still out of whack. We had 5% rate of inflation from May 2020 to May 2021. A full one-third of that was used car prices. They're up almost 30%. My 2 yr old 2019 Santa Fe Ultimate trim with 14K miles is now worth just 10% less than what we paid for it brand new. New cars are in critically short supply, some manufacturers are down to 2 weeks supply of certain types. Most are selling for MSRP or higher if you can find what you're looking for.
If you have a used car you don't need now is a great time to sell it, but don't buy a new car unless you have to.