You must have been really lucky with repairs. We have a fleet of cars at work and until 7 years ago we always used to buy cars which were 3-4 years old, using the same logic as yours - most of the value that should be gone is gone, insurance is cheaper, whatever. We made the switch to only new cars on lease and having all repairs done under new car warranty saves us TONS of money per year. I personally never want to bother with a used car again.