Still one major problem. Many people have never spent more than a few thousand dollars for a used car. When cheap used cars become unavailable, 10-20% of the population will no longer be able to drive.
That happened during the "Cash for Clunkers" program that Democrats did. Took cheap cars off the market. People recovered from that.
As for EV's, until recently this year, used Nissan Leaf cars were available for between $4,000 to $10,000. They still had enough battery strength to be useful, although between 50 to 80 miles of range before recharge. There are also companies that swap battery packs for old Leafs for about $5,000. Currently, these companies also do swaps of longer range systems into old Leafs (150-mile range 40KWH packs). The newer Leafs are 226-mile range with 60KWH packs. As the Leaf is the oldest production EV, more of those are available but other used EV's are available also.