Individual experiences will vary. I would say that your strategy is generally optimal, all thought harder to execute right now as the market is bonkers.

Buying 8 year old cars is a lower cost strategy ss your filtering out the lemons. You can’t buy the shitty BMW 3 series as it’s been converted to a Coke can by that time. :) Even then you’re lucky as stuff starts breaking due to age and mileage.

I drove a 2003 Pilot until 2019 and it hit a bunch of repairs at 125k and then at 250k major repairs came up just due to age and frame rust. I still miss that car!