As I said before, I Always bought older high mileage cars for what ever I could afford in cash, drove them til they weren't worth fixed and junked them, My wife is of the mindset that you buy used cars on payments and drive them until they go to the shop more than once and trade it in for something else.
I did end up in a car that I had payments on because of an unexpected blown motor in my last car. Wife started giving me a hard time because of some rust and a couple $200-$300 trips to the shop. It's only 7 years old and will be paid off in 2 and I think it's got 4-5 years of life left in it depending on how quick that rust spreads.
I've found a car I'm going to look at that will basically extend the exact same payments I am making now out another 3 years but put me in a 1 year old car.
Really with two outlooks so different just in my household I was curious what other peoples takes on it are.