In 2008, the economic downturn in my region saw gas prices spike (to more than it is currently) and there was a sudden movement to more fuel efficient compacts from bloated SUVs and trucks.
The used market the sweet spot is the 3-6 year old range where vehicle depreciation makes its largest impact, resulting in the value being 50-30% of what it was new. Those selling in the used market took advantage of the uptick in demand which resulted in used cars 3-6 years old being priced within $2000-4000 of new. It made no sense to buy used at that time, so I bought the Corolla in my signature.
I still drive it and it has been the most trouble free, unbelievably boringly reliable car I have ever owned with the single repair being a 1/2 price covered water pump, nothing else. Other than fuel, tires and oil changes it has needed nothing...it even has the factory brakes!!