Today, the average car payment in America is $368. If you take that $368 and invest it at an average of 12% interest, in the course of 30 years, you will have $1,286,146.80.
Additionally, a new car will lose 60% of its value in the first four years.
Now, we NEED at least one car. But we have - as a family - decided that we will not ever finance a vehicle. We will never take out a loan on a car again. We have better things to do with our $1,286,146.80 than breathe in that new car smell.
That being said, we buy USED.