I think everyone is different, circumstances are different and you have to do what your comfortable with and what suits you.

I am very lucky to have a DH who is extremely good at budgeting always has been, we have always owned our cars outright and saved to upgrade them, we have never had a brand new car though but with DH being a car person he has always looked after our cars and made them feel like new.

We currently own a 2004 ford and a 2000 holden ute both in really good condition and low kms and they do us just fine.