What is the economic explanation for second hand car price increases?

I've been looking for a second hand Mitsubishi Pajero. Just locked in a deal for a 2016 Pajero Sport with 145k km on the odometer for $23k. The vehicle history report reveals it sold for $25k in 2021.

And no, I haven't got ripped off. The car I'm looking at is literally being sold at dealerships for 26-29k atm.

I remember when I was last looking in 2018, $23k would've got you something much closer to new with a lot less km.