Technically own both our cars, but is just means we owe more on our home loan.

2003 Commodore, well would have been paid off by now, but paid it off earlier from the home loan.
2010 Swift, paid out right (was a 2008 Colt, but that was written off and we got an insurance pay out). Originally paid for with the proceeds of a house sale, so whilst we paid for it without a loan, it does mean our mortgage is higher. This was a toughie, only wanted a $5000 little care for DH to get to work, but at time small cars were a premium due to increase in petrol prices and the older cars use a lot of petrol, unlike the newer models. So it made more sense to buy new at the time, just due to the fuel savings, extended warranty and the new for old payout with insurance for the first 2 years.

We have been the ones to own the luxury car (judge away) and boy it was wonderful at the time. We spent a lot of time on the road, we only needed one car due to me being able to use PT, it was so comfortable to be in and when doing many day long drives, it is worth it. We were not friends with any "Jones" at the time, so we were not keeping up with any Saying all that though, with hindsight, we could be debt free now or soon if we had just took out a small personal loan at the time to get our old car a full overhaul (was worth it due to the make, had one of those engine that breaks in at 200,000k rather than dies). It was one of those life choices that I swing between loving and regretting, if we stayed at DINKS, then there would be no regret.

I do see cars as an asset to an extant, for many people depending on where they live, the only way to get work, get an education etc is with a car. I grew up in Launceston and the number of times, even though there was a bus right by the door, I was rejected for jobs due to not having one (even though the job did not need one). Where we live now, it would be impossible to get by without some form of personal transport. So a car is not always a liability, they can be an asset, if buy owning one you earn an income.