https://www.whitecoatinvestor.com/drive-a-beater-get-rich/
I bought a used, 4 year old car for $12,000.
I had to put in money every year for repairs - alternator, A/C, etc. Less in the early years, more in the later years. Average of maybe $800 a year.
It went over a pothole 5 years later and the whole undercarriage was ruined enough to junk it.
Cost per year of car + maint = $3200
Cost per month = $265
So I leased my next vehicle for $250/ month.
And my next for $325.
And I don't worry about when some important part will fail.
I can relate to
@ckmk47.
Around 4 years ago I found my parents a 5-yr old car for $12k (CAD), which was a fine deal for that car/age/mileage. For the last 4 years they spent an average of $500/yr on repairs, and then recently the underframe cracked due to corrosion and the control arms were rusted out too, with a repair cost north of $2k. They had enough of it and got rid of it. Got $2k for it. Total for exactly 4 years of car: $12k+$500/yr-$2k that they sold it for = $250/month to drive an old car.
On the other hand, in early 2020 I spent a bit of time hunting around on a deal on a new car, bought something new for $23k (CAD) and financed at 0% for 5 yrs. Much of the car has a 5-yr warranty, so hopefully repairs should be minimal on non-consumable items until then. Even if I want to sell it after 5 years and get something newer, based on the cost of that car 5 yrs old (when I looked into it a year and a half ago) I should easily get $10k, making my effective monthly cost $216, and I have the reliability and comfort of driving a new car.
True, you could get lucky buying a higher-quality beater if it's been taken care of properly and ends up requiring minimal repairs, but if you're not that lucky you might end up paying more to drive an older, less-comfortable and less-reliable car. It's a gamble IMHO.