This is probably not a popular take, but it is spot on. These crazy high prices for used Gen 2s couldn't last forever. Seems some people held on too long. Lesson is, when the price is high, sell. If you wait, then you aren't going to be happy. But hey, you have a Gen 2 Raptor, which is a very nice truck.
It's surprising only in the sense that Ford was stating that we were never going to return to the days where dealerships had a lot full of inventory. Things would be a lot more like the Tesla model where prices were set at MSRP and you would special order everything, even when there are no more waiting lists and supply chain shortages. If those statements hadn't been made, then absolutely, this bubble burst would be completely expected.
As it stands, clearly used prices are dropping faster than new, but I suspect dealers will come off their high prices in negotiations, same as they always did. Not too hard to find dealer inventory now and customers can more easily shop for the best deal. What I'm not sure about is whether Ford still plans on having reduced inventories and primarily sell through special orders, but the market just slowed down faster than they projected. I would not be surprised if trade values continue to drop and you start seeing more new Raptors sell below MSRP. I also would be surprised if trade values stabilize quickly, maybe go up again slightly, along with Raptors at MSRP and slightly above if Ford decides to slow down production to meet demand.
To be clear, the days where you could sell used for over the price you bought it were never going to last.
