According to Calculated Risk, wholesale prices for used cars and trucks rebounded significantly in February, after a huge drop in January. Indications are that buyers are making larger down payments and taking out shorter duration loans. It appears that many people are switching from buying new cars to used.
I view this as optimistic for several reasons. First, it shows that these durable assets (cars, that is) do have value and are not plummeting to zero. That gives more confidence to both buyers and lenders that they're not just throwing their money down the toilet. Second, it shows that there is still fundamental demand for vehicles despite the inventory overhang, and there is a price where people will buy. Third, it indicates that the demand for used vehicles is matching the supply, and some of that demand will eventually spill into new vehicles as the supply of used cars diminishes.