The used-car market, a "get-rich-quick" bonanza for the past four years, was in trouble last week. Across the U.S., used-car prices were tumbling.
Along Detroit's "Sharpers Row," used-car hub of the U.S., prices skidded as much as 40%. In Chicago, a 1941 Cadillac which would have sold for $2,700 a few months ago was on sale for $2,100. In Los Angeles, Kelley Kar Co., which boasts that it is the biggest used-car dealer in the world, cut prices $200 to $500 a car. In Cleveland, prices were off about 20% and dealers were referring to any 1942 model as "a...
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