That's a pretty out-dated view on it TBH.
Over 80% of new cars are leased. The majority on PCP deals, where you can hand the keys back at any time, usually with no fee at all. But more lease for three years and then get into another brand new car with little or no extra deposit to pay. A new car every few years, manufacturer warranty and dealer facilities mean a lot more to most motorists than worrying the old banger they've just bought is going to last the winter.
Cars are built to cater for these lease periods (same thing happens in the fleet market) so the wise money is often on chopping in and replacing rather than running the gauntlet of driving around in a car that's likely to fail.
The saying goes "they don't make 'em like they used to", but there's a reason for that: they don't buy or sell 'em like they used to either.