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OTOH...

Posted by dark_dave56 on June 8, 2021 at 09:08:18:
...I know a lot of people (not car geeks like us) that subscribe (and I really mean "subscribe") to leasing. They just factor-in that a car/lease payment is part of their monthly bills--just like utilities, taxes, insurance, cable, cell/internet. You just pay the bill every month (for the rest of your life). But they always have a new(er) vehicle that is always under warranty, and when 2-3 years are up, they get another new one.

All they do is put gas in it. Dealer handles routine service and any repairs under warranty. If it is out of commission for a bit, they get a loaner or rental car. And that works for them. It is almost like a long-term rental agreement, and it works for them.

You and I want to "own" something (have residual equity), but vehicles aren't like real-estate. Unless it's something "special" to start with, a 10-15 year-old car cannot be considered an "investment", and you're probably paying more in annual insurance premiums than the "total loss" value of the car, if you figure it out in the end.

It's a matter of choice. If you can accept that a car/lease payment is just a monthly recurring bill, you can always have a new(er) car. If you want to hang-on to something forever, you have to be prepared for any potentially catastrophic failure, at any time. It is what it is.