If you fix up the old car and it gets hit, you will come out behind. But when you weigh that against the cost of a new car and the average time that you can drive the old cars, the old cars come out very much ahead financially.

You take a small financial hit if you get tagged in the nice, old car. You take a big financial hit when you buy a new car. Even if you do get hit early in a new car, you're likely to come out few grand behind.