I guess I must be one of those 'old people' to. But I think it's partly a matter of social class. I'm a teacher and I can't imagine a teacher having a permanent car payment, even for a cheap car, on their salary. On the other hand, even if I was rich, I can't see spending that much money on transportation or a status symbol.
I'm inclined to think that that line of reasoning has been developed by the automakers. Then again, my newest car is an 85 and I live in a downtown area where I can walk to most places if I want.

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1977 300d 70k--sold 08
1985 300TD 185k+
1984 307d 126k--sold 8/03
1985 409d 65k--sold 06
1984 300SD 315k--daughter's car
1979 300SD 122k--sold 2/11
1999 Fuso FG Expedition Camper
1993 GMC Sierra 6.5 TD 4x4
1982 Bluebird Wanderlodge CAT 3208--Sold 2/13