The author states that those people with clunkers can’t afford new cars, and he’s right.
There’s another group, too. Those people—like myself, and my inlaws, and lots of other “millionaire next door” types I know (although I’m not a millionaire per se)—who CAN afford new cars but who are very frugal, don’t care about “newness,” or status, and are just fine with our clunkers, as long as they are driveable and reliable.
I’ve never bought a new car in my life and never will. Let someone else take the depreciation. I like to buy used cars (and used houses). . .
“I’ve never bought a new car in my life and never will. Let someone else take the depreciation.”
For me, there’s that and there’s also the fact that older cars are not as complex as newer ones. I do as much of my own work as I can on my car, so for me the simpler it is the better.