It is far from a bad idea to consider buying an older car given the "new normal" descending. But – as with most things – there are downsides as well as upsides. Here's a look at some of both:

Upsides –

You will probably own the old car, having paid cash for it. Not having to make payments – and make higher payments to the insurance mafia as well as to the government mafia (if  you live in an area where ownership of a vehicle is perpetually taxed, like the home you thought you owned – to let you know who really owns both) is all by itself and no matter the "new normal" very sound policy. The less you have to spend, the less you have to work – which means less pressure on you when the government takes away your work in the name of the "new normal."