Warren Buffett: Why I'm Never Buying A New Car

Famed investor Warren Buffett is well-known for his frugality, and in this video, he explains why he has kept his 20-year-old car instead of buying a new one, and also why he hasn't moved out of his modest house.

[jameswallace]

My car is 21 years old...it still runs well and I like it.

[bluegtturbo]

It's very true though. When I was in my 20s I wanted a big house, a new car etc.
Now in my 60s couldn't care less about stuff like that...

[monishthomasp]

A car is more of a peer thing. When your car gets a bit older even though it’s working fine, people get this peer pressure to buy a newer model as with cell phones because most people you know have moved to the latest model.
Once you learn to ignore this pressure, you have succeeded in life. Mr. Buffet is absolutely spot on.. ❤️💕 an inspiration.

[DrProgNerd]

I own a modest home and car - well below what I am capable of 'affording'. The fact is that I get more pleasure out of a handful of used books than I would with 'shinier stuff'.

[kokolovitch]

Simplicity makes life so much better. Only dummies complicate their lives.

[ranger]

I own a twenty-four-year-old Ford Ranger supercab that I bought brand new. Still looks brand new it has saved me a ton of money

[adamchurvis]

I'll be 62 next month and I'm on my third car. My first was the used 280-Z I bought from my mother, and it was already many years old. My second car was a used Mercury Sable that my oldest son totaled. My third (current) car is a 1999 Ford Crown Victoria that I bought used in 2001. Third time's a charm!

[carspiv]

There is something very valuable in understanding Buffet’s attitude of frugality: Understand the difference between REAL NEED and ‘WANT.’ Too many people confuse the two. Also, simplifying and streamlining have their benefits as well. There’s nothing wrong in wanting a toy and going out and buying it, as long as your genuine NEEDS of food, shelter and modest clothing are met and the purchase of the toy doesn’t put you in debt.

The difference between NEED and WANT needs to be drilled into young minds or they’ll be doomed to a quagmire of debt that they’ll never dig out of.

[williamii]

I believe I attended that meeting (first part of the video, answering the shareholder question about having a safe car). At the time he was driving an old Lincoln Town Car. At that time he was still driving himself. Unrelated, at about that time he was also saying good things about GM CEO Mary Barra. Very soon after that meeting he bought a new Cadillac - as a bit of a show of support for GM - and put the old Lincoln up for auction, with the proceeds to charity.

[rds]

What many miss is there are very intelligent people that ENJOY buying and obtaining new cars....just as Warren enjoys reading stock tables, others enjoy other things.
Life is short. Do what makes you happy as long as you do not jeopardize your family's well being. Everything in life does NOT need to be a good investment.

[martinep]

About keeping your car for 20+ years: there is also the satisfaction of helping your auto techs to put their kids thru college instead of enriching car dealerships.

[LeoTheComm]

I'm a motorcycle guy not a car guy but here's a fun little story. When I pull up at a motorcycle rally, show, party etc more people come up to ask me about my $1600 1980 Yamaha XS1100 than the guys with newest $30k bikes!

[kartiersupremewhite]

I’ve Learned late in Life it’s safer and Smarter to be Humble, and Frugal. It Goes a Long Way.

[bradsillasen]

Amen Buffett! Good friends & family, good roof, healthy food, other fundamental necessities, and a modest fund for rewarding experience. Anymore is vanity or greed.

[mtbikerlife]

These guys are hysterical. I remember buying a sports car but also remember feeling like I now had to drive it. I was a slave to it. i felt guilty not driving it. It ended up being a lemon and had to get rid of it but I don't miss it.

[Youtuberr]

I have a year 2000 Truck I bought in 2002. I still drive it most days of the week. I bought it for $15.5k with a trade in and it still valued at $2k or so.
It had 18.5k miles then and 267k now. I’ve owned it for almost 21 years and hoping to drive it for 25 years if possible.

[caseroj]

Don't confuse their amicable personality with weakness. Warren and Charlie are ruthless competitors and they didn't make it to the top by being nice guys. While it's irrelevant to the point I am making I do like them both. Yes I admire their investing acumen but more importantly I admire the fact the they don't speak bull shit. They call it exactly as they see it and are not looking for others to suck up to them.

[okejee]

My pickup is 30 tears old…..still gets me around.

[thyslop]

Watched Warren pickup his son one time in a 1968 four door Oldsmobile Cutlass at Dundee Grade School.

[kws]

Buffett is absolutely right I have bought and then sold at least four houses and every one of them took a lot less time to close the deal than it ever has with a car. I despise car shopping