That said, $24k apiece for their cars is a lot, IMHO.
Do the math. Are you really going to spend $14,000 in repairs on a $10,000 car over its lifespan? No way. My wife and I are in the habit of buying used cars in the $5000 to $10,000 range. We pay cash for them, and we maintain money in an INTEREST BEARING account, standing by for the day when a car needs repairs. Sometimes I do the work myself, or my father-in-law does the work, and all we pay for is the parts.
We never have a monthly payment for a car. We're making money on interest, and the bank isn't. When one of our cars breaks down, we get by with one car instead of two for a while. If there are things going on that really require two cars, we rent one.
If the repairs are going to be really expensive and time-consuming (meaning a blown engine or transmission), we sell it on Craigslist to the highest bidder, and we go out and buy another one. It isn't hard to get $500 or $600 for it, because we always buy popular vehicles like the Ford Taurus or the Chevy Blazer. Somebody's always looking for a parts car to fix their own. Or they have a working engine or transmission, and they want to buy a car to put it in.
And we spend a lot less on insurance too, because we only pay for liability insurance, not full coverage.
Even if you don't do some of the work yourself, you'll still save $8,000 to $12,000 a year.
Do the math. Are you really going to spend $14,000 in repairs on a $10,000 car over its lifespan?
I have not been stranded by a car in well over 20 years. Back in the days when I drove “inexpensive used cars” it happened enough to be a major headache on more than one occasion.
Then there is the piece of mind. You don’t even think about the possibility.