What they are missing from that logic is demand.
Demand was high during the pandemic when people had extra money saved up from sitting around and interest rates were low
Now that people are spending money again on holidays etc and interest rates are sky high, the demand isn't there any more
Ergo dealer lots groaning with expensive stock
Chev dealer we service our work vehicles at lists 325 1500 pickups in stock with the cheapest trim 'Work Truck' starting at $61,000
Something has to give