We had a whiplash effect in the US.

In late 2020 and early 2021, Used car prices plummeted due to so many people trading in 2nd vehicles. I remember tire kicking a 2008 vehicle that was 2000$ then...

Whiplash on used cars started later in 2021, as people were starting to go back out more and in some cases beginning to RTO.

The combination of rising new car prices and rising interest rates in 2022 only further hurt the market. On top of that the newer cars are in many cases less reliable so people are holding on longer.

Fwiw I just double checked and For reference that same 2008/make/mileage is now more like 5000$...

Just to be Mr pedantic here, the same mileage means you have a much better vehicle 5 years later. I would add 25-40k extra miles to account for typical mileage added per year