John, you might be right. But then again, it really depends on "the car you want"... If you happen to want the right car, buy smart and are willing to hang onto it long enough, chances are good you will at the very least get your money back. But buying an ultra expensive new car on a 144 month loan is not, in my opinion, buying smart...
My daily car is a 1992 Lexus LS400. I bought it 18 months ago for $2900 cash (I went in with the exact amount I was willing to pay, taxes included, in an envelope. It worked.). The car is low miles and near-perfect. It's quiet, comfortable, a pleasure to drive and fast. I see no reason to throw money down the drain buying new. The beauty is, I love the car, and know when the time comes to sell it, I'll lose almost nothing.