That's what makes this a great forum, everyone thinks differently.
I do appreciate cars. My daily driver is a 420hp Genesis, it's a luxury rocketship. My Camry is a legendary reliable machine. I'm not sure there's a car out there that's more well known for what it is. My Jeep has an inline-6 engine and 4x4 with a great reputation.
I don't worry about long trips with either of those old beasts. But I understand the potential that they are sometimes out of commission for repairs.
If you figure someone drives 20k miles a year for 10 years in a 2021 Camry hybrid vs a 2000 Camry (like mine) here's the price difference.
2021 Camry hybrid purchase price: $30,000
2000 Camry purchase price: $2,000
2021 Camry hybrid fuel cost: $12,000
2000 Camry fuel cost: $24,000
2021 Camry hybrid repairs: Probably $1,000
2000 Camry repairs: Probably $1,000 per year, so $10,000 total
2021 Camry hybrid value after 10 years: $7,000
2000 Camry value after 10 years: $1,000
2021 Camry hybrid cost after 10 years: $36,000
2000 Camry cost after 10 years: $35,000
So you save $100 a year by driving an old beater compared to buying a brand new car.
Fuzzy. Math.
2021 Camry Hybrid MPG. 51/53
2000 Camry MPG. 20/28.
I'll grant a approx double MPG improvement. HOWEVER.
Where's your taxes? 10x as much for the newer car. The TAXES alone on the newer car are more than the older one. A 1 time hit that more than pays for the older one.
Where's your registration fees? I bet way more every year in the newer car. Probably $1000 more over the decade.
Where is your auto insurance? I bet it's probably $1000 more per year for the new car, or $10,000 more over the decade. Also, you need full coverage if you have a note on the car, but not on the older one if you paid cash.
Where's the interest and loan? Typically a 5%-10% loan on a $30,000 car. That turns it into a $45,000 car.
So let's amend the balance sheet, shall we, to reflect a more accurate reality.
2021 Camry additional expenditures
($15,000 loan amount)
($5000-$10,000 extra insurance premiums, about $500-$1000 more per year)
($3000 extra taxes)
($100 per year or $1000 extra registration over 10 years)
So now that $30,000 Camry, in 10 years is a $30,000 + $15,000 (loan), $3000 (taxes), $5-10k (insurance), $1000 (registration x 10 years) = nearly $55,000 to $60,000 car. Which has, after 10 years, depreciated to about $10,000 in value. This is why buying new cars is financially foolish.
Add the fuel, $12k. And outside warranty repairs, let's just add $1000. You're at $73k.
2000 Camry
$3000 initial purchase.
Let's double that for old vehicle extra maintenance, $3k. Now we are at $6k.
Taxes, $300, registration, trivial, insurance, basic and trivial. Call it $500 annually. $5k on a decade.
Let's add fuel, $24k. Now we're at $35k.
Heck, another big repair, $10k. Now we are at $45k.
Still ahead of the game by $27k.
What, another $5k repair. Geez.
Still ahead by $22k.
Car breaks down and is unrepairable.
Go buy another $3000, 20 year old car, and start over.
Still up by $19,000. Nineteen thousand dollars in the black.