How much do we spend on wheels?

Bankrate.com has a brief article about how much our cars cost us. We have a figure here of about $28k for the average brand new car. Americans typically trade cars every 3-5 years.

A car is an incredible waste of money. Between the age of 30 and 60, the averages show that we will spend over $170,000 on automobiles. What's really upsetting is that after you've spent all this money on cars and you're 60 years old you have nothing to show for it. Maybe some photos. All your cars are sitting in junk heaps.

Is it worth it? Why do you buy a new car? Why do you waste so much money on something that you will probably sell in 5 years and have nothing to show for?