Why isn’t it treated similarly to a house?
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It’s a market mechanism based on supply and demand.
If there’s a big supply of cars, then the price drops regardless of its state. A used car will in most cases be worth less than a new car, based on what people are willing to pay for it. Most people will pay more for an unused brand new car.
With housing you’re really paying for the land relative to its geographic location. There’s a finite amount of land, and as more and more land becomes unavailable because of population increase or investments, the prices will increase as long there’s a demand.
People will always need a place to sleep and eat, but they don’t necessarily need a car to live.
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