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Financing should never be used for a depreciating asset.

This is a poor rule of thumb. In reality these things depend entirely on the circumstances.

Agreed - how would anyone buy a car without financing?

You save up around €3000 to buy a second hand car, such as a 2010 Peugeot 207. After a while, you save up another €3000 and trade in the Peugeot 207 for a 2012 Renault Laguna. You repeat that a couple of times until you are able to afford a new car or until you are no longer able to upgrade to something better.

That is how hundreds of millions of people do it here in Europe.

Somebody somewhere has to buy a new car. Europe is not devoid of car loans. https://www.ft.com/content/8b6607de-6304-11e7-91a7-502f7ee26...

(Yes, I'm a secondhand car person myself, but heavy car commuters tend to buy new or even lease because the quality of car affects the quality of life for hours a day)

False - if I needed a loan to buy a car so I could get to work that's worth it. The work pays off the loan over time, I'm left with an asset and it's a win win for me, my employer and the car salesman.

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