That still leaves you paying a little over $600 per month. From that point as you start lowering your finance costs you're going to increase your maintenance and aggravation costs.
The idea that cars are only reliable for 5 years and 60K miles is, IMO and IME, quite out-dated. That was more true in the days of carburetors, points-based ignition, and mazes of vacuum lines. A modern (meaning post-1996 at least) electronic fuel-injected car with electronic ignition and closed-loop fuel control tends towards very reliable for 15+ years and 200K+ miles.
They're very reliable.
They're also not for sale.
There's a famous economics paper on this:
https://en.m.wikipedia.org/wiki/The_Market_for_Lemons
Used cars are an example of information asymmetry. If someone has a "bad" car they'll want to sell it. If they have a "good" car they'll want to keep it. Especially if both cars have the same market value because the buyer can't distinguish between the good and bad cars.
Myself and a few of my friends drive exclusively Honda/Toyota and drive them to 200k and then sell them to people who know how to do their own car work.
A few of my friends are from well off families and they buy cars brand new and drive them to 60-80k and then act like the car isnt reliable anymore for some reason despite the fact that I usually buy my car with 60-80k miles on it.
* all distance here is miles sorry for confusion
Prior to the 1980s, very few car makers used galvanized steel. After the 1980s, most cars are galvanized, meaning they'll stay structurally sound in the snow belt far longer than before. (They'll still show some cosmetic rust long before becoming in any way unsafe.)
That said, with my 1997 Honda del Sol that I got rid of a few years ago, the mechanics at the dealer took to coming over and looking at it because they said there were very few on the road any longer because the wheel well rusted out. (I had garaged mine in the winter for a number of years.)
About five years ago my mechanic told me there was a Lexus I needed to look at. Single (obsessive) owner, extremely low miles for the year, extremely clean, my mechanic had done all the work since the time the vehicle was no longer under the Lexus service and warranty.
The catch? It was over 10 years old. That's when I learned you can't get a loan for a car that's over 10 years old. I had the wherewithal to pay cash (it was over $10K for the car, but it was a steal!) but that's not something young people are going to be able to do.