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People that wanted to buy new are instead settling for used. They have more money on hand, meaning in order to secure the deal, they're offering more money closer to asking price. They were probably even over asking price in 2020-2022. It's automotive gentrification where the top buyers are settling for lesser product, pushing each bracket of buyer down to a lower product rank, squeezing the bottom buyers out of the market. So tell me, with buyers willing to spend more, are YOU going to be the one that charitably sticks to the 2019 KBB value of a car you're selling?
Anyway, take a look, used prices are down closer to where inflation was projected pre-2020. New car supply is up, so most used cars normalized. Project car prices have crashed now that most people are commuting and socializing again and don't have time. Hybrids/EVs leveled out since gas prices are normalized.
I helped look for a new used car for my parents in 2019/20 not sure of the exact time anymore. I recently just for the sake of it looked for the exact same car again with the now run kilometres. They bought very cheap, but the fact that the price is the same even though it has now run more than double the kilometres is ridiculous.
Car in question is a VW Passat Variant 2.0TDI, 2016, with then 65k km for 16k € - today it has 145k km and still goes for around the same price
What is it's actual value? Value itself is not objective in the sense that you have a fixed write-off determined by age and wear. It's determined by offer and demand. While you can arbitrarily decide on what you think is it's value, it is either over or undervalued according to your whim.
So you'd sell it cheaper than everyone else and then... Still spend the market value for the replacement? I like to think of myself as an altruist, but I bow to you. I'm not gonna go carless or homeless for the sake of selling things below market to make a point. I don't have the capital to cover that.