Still amazes me that with all the retired rich professionals hanging out here, that they can't afford a new/newer car after 8-12 years, just befuddles me. The last thing I want to do is drive a car with 200,000 plus miles on it. IMO YMMV
So, I fall into the camp of enjoying a new vehicle every 6-18mo or so, but I am trying hard to curb that. I've now had my EV6 GT for 18mo, and have no desire to change. Anyway...
I was over at my grandparent's house a few years back, when my grandpa asked me "How would you like to ride in a $350K car when we go out to lunch today?" I had always known them to be frugal, but also knew they had the money to buy whatever they wanted, and were in their 80s, and wondered what on earth the man had done. I amiably agreed. Anyway, a few hours pass, and it is lunch time, so we head downstairs to the garage. Parked there, is his E250 type work van, and a 2002 Camry, and a 2012? Avalon. The garage takes up the whole ground floor, super cool house, anyway, he hits the remote and the Camry springs to life with doors unlocking. I get in after holding the door for my grandmother, and we drive out of the garage. He engages me: "This is it. The $350K car." I asked him how he arrived at its value. He told me: "Simple. There is a man who lives down the road. We're good friends, and I've known him for 20+ years. He buys/finances a new truck every year or two, and has told me roughly what he pays and gets on trade, etc. This car has 349K miles on it, and I have had it for 20 years, now. I just put $1500 into the suspension. Rides good? AC cold? Starts fine? (I answer yes to all of the above, because it actually DID. I wasn't humoring him, the car rode fine and aside from being a little louder than a "modern" model due to lack of laminated windows, etc, it really was "just fine".) Anyway, this car owes me nothing, and factoring all this in, I'd say it's saved me about $350K over those 20 years that I didn't trade it every year or two."
He never once spoke to me about my automotive habits, but what he had to say has stuck with me, and I am intending to keep my EV6 GT until it becomes a financial liability. Yes, it's more than he'd have ever spent, etc. but we all have our flaws. Maybe the above story can help you understand why many affluent people here are happy driving "old cars". It helped me "get it". Especially when another friend of mine sent me a balance to one of his mutual fund accounts. It stands at a hair under $2M. He put $10K into it in the 1980's and forgot about it. $350K over 20 years can do things...