That is true and also why car companies are looking at the $500 all in one lease payment on a car too.
But the huge issue with the used car market is that supply is shitty and the pricing is terrible for buyers-Just as an off handed experience- Sold my old 1998 Mustang GT in 2002 for $4500 bucks (paid about 20K for it after plan pricing) I sold my old 2006 Mustang GT 2 years ago for $6500 (and paid about $24000 for new after plan pricing). I guess I'm reminiscing too much about when you could get a decent used car for under $4-5K back in the early 1990s when I first started driving.
I'm expecting to get about 10K for a 40K+ car for a trade in about 2 years time. Higher pricing of new cars is making used cars more expensive (so people can trade them in on newer cars and keep payments roughly the same)
Rebates are expected by domestic brand buyers, which is why they are saying "we cant make $ on smaller cars". With a "truck" product, they can raise the sticker, and slap on a rebate to say "look at the bargain you are getting!".
There are still quite a few buyers who rely on rebates for down payments or to offset neg equity. Since they "have to have a new truck" to show neighbors, co-workers, friends and relatives they're "making it".
Affordability is going to take on a new meaning in the over the next 5 years, affordable is not a < 20K vehicle, it is going to be a < $27K vehicle. There are buyers that are going to become used vehicle buyers by default.
Here's a great comparison between the Corsair and XT4. By the numbers, the Corsair wins in everything but back seat leg room, except even there the Corsair won in the real-person-sitting-in-the-back-seat test.