Yup, you got it. No assumption here that the car itself will only last 5 years. Just that people have their habits. If they weren't willing to buy a 5 year old

Yup, you got it. No assumption here that the car itself will only last 5 years. Just that people have their habits. If they weren't willing to buy a 5 year old car over their brand new car, they're also likely to want a new car when their current one is 5 years old. Of course, lots of people make better (in my opinion) decisions than that. But then they aren't the ones that need to understand where rationalizing spending money isn't actual logical.