well you leave out a few items.
first, the term on a used car is typically 3 years max. also, the interest rate can be much, much higher. so from a cash-flow basis, as used car can cost the same, if not more each month. people consider that.
second, you have to put a value on risk. a new car is basically risk free because it is under warranty. a used car can be a crap shoot, depending on how old and what brand. even honda makes lemons.
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