alt Hacker NewsThese days cars are more reliable and so students/artists are much more likely to buy a used car.
In the 1970s getting 100,000 miles on a car gave you bragging rights - you would invite your friends to see it turn over, driving away in a cloud of blue smoke (engine oil burns blue), and carefully avoid puddles since they would splash water through the holes in the floor.
These days cars go a lot longer before they fail and so people with limited money buy used cars.
People with enough money to afford new also buy used cars. Why take the depreciation hit when someone else can do it, and you can still get 10+ years out of the car.