Same with cars. I fail to understand why anyone would spend 20k on a brand new Focus, for example, when for the same money you can get a 5 year old Mercedes c (also an example)
of course it's a bigger car so more expensive to run. so buy a 5yo focus and get the best of both worlds.
Some older Mercedes might have a lower TCO than a 2018 focus, but only because the focus is disastrously unreliable.