I just bought a used '97 Escort with 100,000 miles for around $2,000. Including a total body paint job and a new battery, the total cost of the car is $2,500. What I find interesting is the different reaction I get based on someone's ethnicity.
When I talk to my Jewish friends, we talk about the bargain, and how other's are chumps for buying cars new and taking the huge depreciation hit. If you can get another 70K out of the car, they say, you've "won." There is no bigger way to gain face than being seen as outwitting the system or getting a good deal.
Old school Indians are like Jews. They tell me I am cheap bastard, but with a sense of pride. The hip hop wannabe ones tell me I am a cheap bastard with a sense of disgust.
My Thai friends tell me, "The car looks nice." and then add, "Don't worry. One day you will be able to afford a Lexus." They get confused when I explain that I can afford a Lexus right now. It's a given that someone will stretch for the most car they could afford in order to gain face.
Black guys laugh at my puny subcompact and ask me if I am going to trick it out and what type of sound system I have. When I tell em it is four speakers with a cassette deck, they shake their head. Meanwhile, the guys are file clerks driving Mercedes SUVs with kick ass rims.
White Americans think I am taking too big a risk buying used. The women are especially concerned about safety and reliability. That is why they always buy new. Their worst nightmare is being stranded on the road and having a brown guy in an escort or a black file clerk in an SUV offer to help them.