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I think there are several things in play. Today, people EXPECT cars to go 200,000 miles. In my youth, cars were totally junk at 100,000 miles.
I work on Hondas daily which have 300,000 plus, yet GM, Ford, and Chrysler cars are junk at 150,000 miles (yes the trucks go much further - ponder that for just a second.....).
Further, a 20 year old Honda looks substantially the same as a brand new Honda, and is fundamentally just as comfortable. If you compare a 1965 average car to a 1985 car, there was a HUGE difference in comfort for the passengers. Electric windows, standard AC, good ride, precise steering are just a few improvements.
Add it all up, and today's youth is happy enough to have an old beater shared among 3 or 4 friends.
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