I buy used cars. Pay cash. Curse a lot when I see how badly they've depreciated when I drive ~24k a year.

I've owned around 5 cars in my lifetime. I still own 3. Sold two. One of the two I kept for 4 years, drove it daily for ~ 3 of those years. Put around 65k miles on it. Only paid $3k when I bought it. 4 years later I sold it for a little over half that. $350 a year depreciation? Not bad! Other car I sold was a toy. Paid $1500. Drove it sparingly for a year. Less than 500 miles total. Put ~ $300 in it for little things that broke. Sold it for $1500. Literally cost me less than $800 including gas, insurance, parts, everything. Not bad at all.

The cars I've kept I have so much negative equity on it's not even funny. My current daily driver is a BMW 325i. Paid $15k two years ago. 52k miles later it's worth like $8k. Going to have to drive it a few more years minimum so I can get the depreciation to a reasonable amount per year. I can't live with a $3500 / year hit from depreciation. Once it's averaged to like $1500, I'll sell it. Since it's reliable, I'm not worried. My other car, in the garage, doesn't run, I've put over $10k in it over the years, and it really should have been sold years ago. But I love it. I'm never selling it. Ever. I've got too much in it and it's worth too little to ever allow me to rationalize selling it. I'm okay with this. It's a hobby. A labor of love. There's nothing wrong with that as long as I don't spend more than I can afford in any calendar year (which right now is not a lot. Later... Later...).

I pay cash for each and every car and motorcycle I've owned to date, but lately I can see the rationale behind a small (less than 10% of a normal monthly income post-taxes) car payment. It helps to build credit and allows you to purchase something you would have paid cash for, slightly sooner than you could have gotten it otherwise.

To answer the question about keeping cars longer than 10 years, I can see the rationale, but I don't think many car guys do that often. We might with our labors of love. One car we've already rationalized as we're never selling it, but I don't think I would do that for a daily driver in most cases. I just don't care to take a car into the 300k+ range.