Depreciate That!

Eric Peters makes the case for buying 10 year old used cars here.

That's pretty close to what I've always done, up until the Mustang, but even that was an exceptional deal under a special set of circumstances.  The truck?  Pfft, $2k for a 17 year old mechanically sound F-150 was the best car deal I've ever made.  Before all this I've had a chain of good used vehicles, and it's saved me a bundle.

There's a time and place for new cars, but new shouldn't be the default option.  Borrowing money for a car shouldn't be the default option either.  Take a look at this chart and think it over.