My 2 cents...
The fall-off in demand for new cars over the past few months has been replaced to extent by an increase in demand for SH cars. Therefore, many secondhand cars have seen in increase in value compared to end of 2008. My guess is that, while the market has recovered somewhat since last year, it still isn't as strong as it was say two years ago - i.e. the overall trend would still be a downward one. Yet it wouldn't be in the interests of your average car dealer to agree with that slightly bleak assessment, but time will tell how much of a 'recovery' this turns out to be
Despite this recent increase in SH car values, there are still examples in Autotrader where private sellers are asking for more than the dealer prices, leading me to believe that they're still kidding themselves on that their cars haven't depreciated as much as they really have. Bummer