It’s not really fair to compare depreciation against MSRP when they were being sold new at massive discounts. You could’ve gotten one of these for $40,000 off.
https://www.carscoops.com/2024/02/toyota-offers-crazy-40k-di...
It's extremely fair to compare depreciation against MSRP. What's not fair is to say that they were being "sold new at massive discounts" when in reality it's an asterisk-ridden rebate process that applied to one model year under specific circumstances. That article was spam when it was written, can you provide a first party source for these massive discounts?
This is a source of a lot of similar press around EV depreciation. They compare the MSRP of an EV 3 years ago with the current used market price, ignoring that the actual price paid is often significantly less due a combination of discounts, tax credits, and rebates.