Never when paying cash.
Id argue that, any day. Even with the current economy my investment account is returning at 36% this year. My auto loans, including the LJ which is a small note, is 2.5%. Thats a deal Ill take any day of the week.
Its foolish to buy new ANYTHING until the old one is good and worn out - and I expect things to LAST. Which is why I probably will never again buy a new car - too expensive, too unreliable, and far too much planned obsolescence. Hopefully, I won't even have to buy another *used* car, but if I do, it certainly won't be anything newer than 2017, and probably not newer than 2012 or so and carefully selected models at that. I actually do have some sox that are probably 10 years old - but I don't wear sox every day anymore here in Fl.
The TelCos have everyone conditioned to "upgrade" their silly overpriced gadgets every two years - and the CarCos want in on that action. Hell, a washing machine used to last 20 years or more, now they've junked those out too. Next one will be a Speed Queen - still made the right way...
I was just being an ass on the sox. I agree on the a slightly used vehicle, for depreciation purposes, but we will agree to disagree on buying new cars before one wears out. Thats personal preference. I would argue that personal opinion doesn't mean Im foolish for buying a 2015 911, or 2019 Q5 for my wife and daughter to be in. I prefer something modern, safe and generally speaking more reliable than an aged vehicle. Again, my main word there is prefer.