Answer: Lemon's Market
Explanation:
The above scenario in the question that the price for used cars is well below the price of new cars of the same general quality is an example of the Lemon's market.
The Lemon's market for used cars explains that the seller has more information about the car that's being sold and know its potential problems as well and therefore will be willing to sell the used car at a lower price than the new car which has same quality.
