That program nearly wiped out the used car business, and it’s still not recovered fully. My son-in-law is a car salesman for 30 years....................
Too many cars were destroyed that still would have been on the road. With fewer used cars, there is less for others to buy.
Not everybody buys new. Especially in todays economy.
For some people, a good 8,9-10 year old car is all they can afford.