Absolutely true. Having been interviewing graduates for most of the last 2-3 weeks, it amazes me that they all turn up in brand-new cars - either on credit, or paid for by mum and dad no doubt!
Of the 20-odd cars I've owned in the last 10 years, only one was on finance, and I got bored of that (who wouldn't - it was a nearly-new Rover-400-shaped Honda Civic

) within a year so had saved up enough to pay off the settlement. Everything else has been bought for cash, although I do have a company car now which makes sense from a business perspective.
I just don't get the concept of taking out finance to purchase a depreciating asset...and what amazes me is, with a bit of nous, these people going to the big dealerships to pay £50 down and £25 a week for the rest of their lives could get a decent running car for £500 or less which would, with a bit of sensible servicing and TLC, run for a good few years without problems. All of my 'cheapies' I would have been happy driving as my everyday car for at least 6 months, doing 2-3000 miles a month - even the 1992 Rover 420 I have sitting outside the house which cost £50. Obviously the Elite estate would have needed the oil leak fixing first, mind...

What also surprises me is how choosy people are at the disposable end of the car market. I acquired a very tidy (once I'd given it a good clean and polish) K-reg Cavalier 1.6 with 10 months' MOT and 4 months' tax. Fully serviced and ready to go, I put it up at £250 outside the house. The postman wanted a new car but felt for that money he'd "like something a bit newer". I suspect he's still looking...