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Yeah I don’t think there is an issue with older cars.. I’m fascinated with high mileage ones! Here in the UK cars are treated like phones with a 3 year upgrade cycle. Because of the current economy people have stopped due to the costs sky rocketing!
My daily driver is a 22 year old truck with close to 550k miles. I was There when we drove it off the lot

only downsides are some parts are only obtainable used anymore
 
I'll just add that I view rent vs. buy decisions as being more complex than the common wisdom of "renting is wasting money".
Some important things to consider are:
  • Ability to obtain and sustain a mortgage.
  • Opportunity cost for the funds required for a down payment, transaction costs, and ongoing costs.
  • The value of maintaining the option of moving at short notice.
  • Macro economic factors.
 
My daily driver is a 22 year old truck with close to 550k miles. I was There when we drove it off the lot

only downsides are some parts are only obtainable used anymore
What make is your truck, my daily is a 2004 ford ranger here in the UK it’s only got 100k on it though so a baby compared to yours.
 
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