My first 4 cars cost $300, basically three times what the junk yard would pay for them. I fixed them all up myself, put about $1000 into each, rebuilt engines, drivetrains, suspension, brakes, drove them about 100k miles then sold them for $300 when I found something better. This was how I got around through high school & college, a total of the first 15 years of driving. I never understood why anyone would buy a new car. Then Obama happened and the price of all cars skyrocketed.
Discussion
I have to say even by the mid/late 90s I would often do the math and based in interest rates being higher on a used car, you could dive a new car for about the same cost as a decent used one even though the price was thousands lower on the used car.
It was that point where you can afford to not drive a beater any more and think well, I will get something with low miles and 3-5 years old and the payment is just or at lease almost as high as a brand new car.
That should of told us what was coming but we were all so stupid back then. Cash for clunkers was the death nail but it was already dying.
