Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open.

Why do 10 year-old luxury cars lose so much value?
Personally, I buy newer luxury cars for two reasons.   1) Status symbol Newer cars have the latest looks, performance, and features like heated side mirrors and sensors that adjust cruse control speed when in heavy traffic etc.   2) Older cars have more wear and tear. No one has spent any significant amount of time in the car before and therefore you know the history of what the car has been through, like buying a new pair of pants.  You know that no one has pissed in them ;). After I have pissed in and tore up my now older luxury car, I sell it off and get a new one.  Cars wear out and as they get older, they need parts replaced.  My brother's Mazda, for example, just blew the head gasket after buying the car new and driving 130k miles over a four year period.  Part of the luxury for owning a new car is the luxury of time, not having your car spend any significant amount of time in a garage being worked on, unless you buy a Land Rover of course ;).