There is no such animal. As the car ages, repairs and maintenance costs inevitably mount. Then of course you have constant costs like insurance, gas/electricity, etc.
And this isn’t just a anecdotal. The Corolla has been a well rated reliable car by many sources for years. It’s just boring as hell.
"What does it take to own a Sunbeam Alpine MkII worth a small fortune? Start with a large fortune."
Eventually mechanical things need more repairs than they are worth functioning. That is a negative value car. People who can wrench themselves can make those repairs only for the cost of parts and if you think about it as a hobby, then you actually aren't paying for labor, but even then, you spend far more than the return the car could give you.
The question is whether the repairs over time cost more than the monthly cost of a newer car.
Assuming there are no features you feel you need on the newer car.
But I think the truth is, by the time a single repair can cost more than a car is worth, people are usually sick of it, and a nonsense reason is all that's needed.
All the cars I've owned have been used cars with over 100k miles. Pick a reliable brand and my observation is that value is more asymptotic than not at >10 years old and >100k miles. You have to factor the cost of repairs into your TCO and be willing to put up with some crappiness like dents, scratches and interior cosmetic issues. But it's much more economical than buying newer cars.
I wasn't claiming that it isn't cheaper to do what you have done, just that cars continue to depreicate. And you have made my point.
This is genius, thank you. I have been very nervous of my kids texting while driving.
I drive a 19 year old Toyota truck I bought used a couple years ago for $8500. If I'd bought new I would have paid nearly twice that much in payments over the 2 years I've owned it and be looking at another 5 years of payments ahead of me.
Even if I have $8000 in repairs every year for the next 5 years I'm way ahead. But most likely this truck will last me another 10 years or more.
This fear that "maintenance cost" ramp up ridiculously is a fiction dreamed up by car dealers.
Definitions of crappy vary as do things like whether to go with the relative predictability of a new car or the probable better value of a used one. But it’s certainly true that, for a lot of people, car costs that aren’t really required for functional transportation can be a big chunk of discretionary spend.
Unfortunately, certain countries, such as Canada, are very hostile to cars. The weather and road salt take a toll.