It's been far worse than this recession and the 80's was brutal. Total meltdowns of housing markets added by 24% interest rates and bang....
Trying to sell anything that is fringe right now is tough and cars are definitely not in high priority on that scale right now. Add in the fact racing is down to to lack of sponsorship and it back everything up like a stack of trains trying to fit into one tunnel. The system begins jamming with few buyers and many more sellers. If you have cash right now your king and just picking of steal deals everywhere.
If it doesn't look or smell like a great deal it won't move unless you really luck out. 10% unemployed and the majority are from the right who likely belong to racing hobbies also means a lot of guys in the hobby circles are down on their luck right now.
Takes about two years from the bottom out to begin creating jobs again.
Buying should ramp back up in 2011.