Obviously, you can maintain your old car, and make it last a long time, but it’s still going to look older, maybe dented and scratched, the finish is dull, the interior is worn, etc. Some people don’t want to go through all the maintenance, and would rather just pay to have a nice looking reliable car in the driveway.

I’ve never been a car guy, so I like an older, paid off car, but I understand why some people would want to follow the other strategy.