I work in the car business and while I can definitely buy and maintain a car for 10 + years I like leasing them so I'm in a brand new one every 2-3 years max.
Some people like other things more than just having the latest style sheet metal and plastic. To many people, their decision is that the amount of money you sacrifice to stay in a relatively new car can be used more advantageously in other areas. Seems to me that the consumer driven artificiality of car pricing is a quick way to give away lots of money. I've seen brand new cars up to 3 model years old sitting on the car lots. 2016 = $50,000, 2015 = $40,000, 2014 = $35,000. And they are all identical (drive trains, bodies, electronics) except for the shape of a couple of pieces of minor plastic at the most! If there wasn't an official piece of paper telling you what "model year" they were nobody could tell the difference. Sorry, not worth it to me to stay with the latest and greatest!
I bought my 1999 4WD K2500 Suburban LT in 2007 for $3500. 135,000 miles on it but like new. Total maintenance in the last 9 years (besides oil changes) has been a replacement intake manifold gasket about 5 years ago for less than $100. Less than $4,000 in purchase price plus repairs in over 9 years.
I've been driving and racing cars for almost 50 years (certified car nut here also) and the only really significant and meaningful changes to me in that time are computerized fuel injection, antilock brakes, and air bags, all common for about 30 years now. But I'm an engineer and like things like heavy duty drive trains and full-floating axles. Swoopy plastic, Wi-fi, backup cameras, different color lights, and sci-fi and/or retro styling (looks like the late 60's with all the Mustangs, Camaros, and Challengers running around) don't mean enough to me to pay you anything for them.
A new 4WD Suburban is almost $60,000. A private buyer can't even get the 3/4 ton version (2500 series). Lease is $591/month. What does that gain me over my current vehicle?
The way I see it, the approximately $6,000/year I've been saving over the last 9 years by not leasing can go into a myraid of investments or another rental property which actually makes me money and generates plenty of extra cash to indulge in all my other hobbies/vices. I can easily buy a gun a month and still have money left over versus paying out the ying-yang for the "privilege" of having the latest "style" vehicle!