Buffett drives roughly 3,500 miles a year and continues to use the car despite occasional nudges from his family to upgrade. His decision is rooted in his belief that time is his most valuable resource.
“If I could write a check in 30 seconds and be in the same position I’m in now with a newer car, I’d be glad to do it this afternoon,” he has said previously. “But I don’t like to trade away when there’s really no benefit to me at all.”
Buffett has long maintained that safety and utility outweigh style when it comes to car ownership. Speaking in the past, he explained that the time spent shopping for a new car is too high a price to pay, calling it “half a day I don’t want to give up.”
His current car was purchased by his daughter, Susie Buffett, from a Cadillac dealership in Omaha, where she posed as an ordinary customer. Buffett later thanked the dealer in a letter to GM CEO Mary Barra for handling the sale fairly without knowing the buyer’s identity.
Reports show that most Americans spend 12 to 14 hours shopping for a new car.Buffett’s choice to delegate the purchase years ago and stick with the same vehicle reflects a long-standing philosophy: buy quality, hold it for as long as possible, and avoid unnecessary churn.As he said more than two decades ago, he remains “totally happy with the car” — a statement still true today as he continues driving the Cadillac through Nebraska’s roads and storms.
Also read: Infosys, Wipro ADRs decline up to 4% amid Trump’s proposal for $100,000 annual H-1B visa fee(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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