Its only an asset if you have equity in it, that's hard to do, generally, in a vehicle that depreciates. Unless the payments are high enough to outrun the depreciation or a large down payment as a head start against it, most vehicle purchases are a liability.
I'm not particularly arguing with you either...
There isn't IMO a superior frugal position to be had with cars, they are a loss every which way you slice it. I think it comes down to getting the most out of the money you spend the only difference between any philosophy is what you are getting the most of (money, peace of mind, pleasure, pride, use, looks).
Personally, taking care of my vehicles is a source of pride for me. Keeping them in good condition for a long time and being able to sell them for a good price is validation of that. That has a monetary benefit, but doesn't change why I do it.
My opinion is similar to Grumpy's, the vehicle you already own will almost always be cheaper than switching - if you can do your own work.
I know of instances where people have spent over $5k on a car worth less than 1/2 that. So there does come a point where it doesn't make sense.