Yep, I’ve noticed exactly the same thing happening with used Honda Accords. Pretty much exactly the same pricing relationship, since they’re a direct competitor to the Camry. And you’re lucky if a dealer has more than a tiny handful available on the lot, whether used or new. A little over a year ago, I bought my wife a new Honda CR-V. Didn’t want to because I knew how terrible the timing was, but her Santa Fe was on its last legs. Every dealer I checked had anywhere from zero to at most four new CR-Vs available, and used inventory was similar.
I had intended to buy used, but there was no incentive to do so as they all had significant miles, were often two or even three years old, and yet were barely cheaper than new. That was a no-brainer. At first I was surprised the used cars were priced so close to the new pricing, but then realized that it was so hard to grab a new car before it disappeared, or they might not have one equipped the way that you want, that some people would pay an absurd premium for used just to get a car at all. We got lucky and saw exactly the model we wanted, in the right color and the the right options, when we drove up. We grabbed it right away, and while they were writing it up and even though they had brought it inside, other people started climbing all over it and trying to buy it. It was a feeding frenzy.
I have a 2005 Acura TL with about 210,000 miles that still runs perfectly, but is developing cosmetic issues with the paint and trim. I’m not letting go of that thing until it blows up, and I’m so thankful that I bought such a reliable car. It’s also great still having a V-6, because due to the libs‘ fuel-mileage mandates it’s hard to find anything now that doesn’t have a 4-cylinder or at best turbocharged 4 in it. The VTEC engine in my TL is still amazing. Bulletproof reliability, 270 hp and averages 26 mpg with mixed highway and city driving. On a road trip it will average a little over 30 mpg. The stupid little 4-cylinders they’re putting in cars now don’t do much better on mileage, and sometimes actually worse, and can’t come close on torque or horsepower.
I have always been wary of cars that have a little 4 cylinder engine that is turbo charged. My impression is that such an engine runs at close to its design limits most of the time, and an engine like that is unlikely to make it past 100,000 miles without expensive repairs or replacement. My car has a 4 cylinder engine but it is the base model that isn’t turbo charged. The engine runs at well below what must be its limits - it accelerates fine but not like a sports car. The engine has a reputation for reliability so I’m hoping to get a lot of use out of it.