The issue with car pricing is a million fold. As for cars over the past few decades everything has been a mess. When I think of the cars of 2005 they are mostly all junk, just like the 95's except the market believes they still hold real value.
I think about my 99 ram 2500, it had an original sale price of 16k. In 2009 a base 2500 would run you what, 30k? I agree many things have changed and they are safer and have more comforts but double as many?
I don't remember the 00's as filled with reliable, refined autos. Yet the values of many of them are through the roof. I believe in the rule of 7 years, after that those vehicles are fully deprecated and should be worth minimal. Especially given the maintenance demands of the cars of the past 15 years is 4x that of the cars of earlier times.
Personally I believe their is still some righting that will take place in the auto market. With the used pricing the way it is and the amount of them in the market and rates so cheap everyone just buys new something has to give.