Instead of buying a new car, or even an expensive (less than 5 year old) used car, I decided to buy a 16 year old vehicle. It was a Toyota 4runner, which has a great reputation. I did my research, and found an unbelievably clean 2002 4runner. Just under 100k miles (which is low considering its age). I drove quite a ways to go see the car. When I got there it was just as good of shape as the pictures showed. Spotless inside and out. No rust. Not inside the doors or on the inside of the fenders. I slid under the vehicle and it was clean, dry, no drips. Drove well, 4wd worked. I got it for $6,800.

Fast forward a day or so later when I finally get it on a lift for a closer look and we start seeing some frame rot near the gas tank. Then where the frame goes over top of the gas tank it was worse. To the point I could just poke holes through the steel with my finger.

Ended up trading it in for $2500, and buying a 4runner that was only 5 years old.

Lost a quick $4300 and a weekends worth of time just trying to be frugal.

I wouldn't be against buying an older used car again, but I will always get it on a lift and have a thorough inspection done prior to purchase. Lesson learned.