I think the short answer is "no time soon." I just saw this week more major factory shutdowns from the big automakers. So, chip supply remains constrained and new vehicle production will lag demand at least into mid-2022 at this point, I'd have to imagine.
My father-in-law is a used car dealer. He said he has seen some moderation at wholesale auctions in used car prices, but you're probably looking at more of a leveling off than any really noticeable reduction in prices.
As another poster noted, a "private sale" is almost always the way to the best deal on a used vehicle (two or four wheeled), as long as you feel comfortable evaluating it and buying with no warranty or service department willing and able to stand behind the sale.
Patience, of course, is also key. If you have a budget and cash in hand, I'd say watch the Facebook Marketplace (I know you don't have it, but I imagine your daughter does) DAILY and be ready to pounce when the right vehicle pops up. Good deals don't last long on such platforms.
