I’ll tell you what: I owned a Honda Accord for 17 years - and in that time I probably saved myself $50,000 by keeping it that long - but it takes work, sacrifice (of a lot of things), and serious commitment. The money I saved went into real estate. I was able to pay off my mortgage, save, buy another home, and keep my first home as rental property. This was mostly (honest to god) because I kept that Accord that long. It was completely payed off in three years, and that allowed me to have 14 years without a car payment, and bare minimum car insurance premiums.
Would I do it again? I don’t know? I’m a lot older now and at some point you have to enjoy things. I haven’t made up my mind if I enjoy my 2016 Toyota Avalon that much. Plus, this is my third car since that Accord - and I’ve already shown signs that I’m trending in a different direction (I’ve owned a Lexus LS460, brand new pickup truck, and now the Avalon). So, perhaps ive gotten some stuff out of my system and will keep this Avalon a long long time (and sock away some serious money by investing and paying down debt)? But when your neighbors and friends are all driving new fancy cars...you kind of get the itch. But I’m two years in on this Avalon now...put over 50,000 miles on it (now at 95,000), and it’s driving/feeling like a new car. I might keep it and buy a classic car as an investment.