This really hits the nail on the head.......... "Pre-CX that might not have caused an issue, demand exceeded supply. Now, perhaps, supply exceeds demand and the pre-loved market is feeling the impact"'
And there are several layers to this. Trads were significantly more affordable, without being easliy affordable, and many Trads stayed with the original owner for a long time. But second owners always had to live with the first owner choices. That wasn't so bad when residuals were hard. And Trads didn't evolve that much either, so buyers were much less bothered about the latest thing.
CX cars are different. Much more expensive and much more complex, and what is apparent is that this move to model year upgrades matters to buyers at this level of cost. When older model year cars become less desired, they will probably depreciate more. The treadmill of wanting the next great innovation is already a factor in more expensive cars, and now it comes to Morgan, and with this comes big ticket prices and big depreciation, along with much fewer buyers at the £100k mark, who are prepared to lose a lot in a short period of time on a toy car.
