Buffett drives around 3,500 miles a year and continues to use the car despite the occasional push of his family to upgrade. His decision is rooted in his conviction that time is his most valuable source.
“If I could write a check in 30 seconds and be in the same position, I now have a newer car, I would like to do it this afternoon,” he said earlier. “But I don’t like to trade if there really is no advantage for me.”
Buffett has long maintained that the safety and the usefulness outweigh the style when it comes to car ownership. In the past he said that time spends on shopping for a new car is too high a price to pay, and calls it “half a day I don’t want to give up.”
His current car was bought by his daughter, Susie Buffett, from a Cadillac dealer in Omaha, where she presented herself as a normal customer. Buffett later thanked the dealer in a letter to GM CEO Mary Barra for the reasonable handling of the sale without knowing the identity of the buyer.
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 hold on to the same vehicle reflects a long -term philosophy: buy quality, hold it as long as possible, and avoids unnecessary churn.
Also read: Infosys, Wipro ADRs fall to 4% amidst Trump’s proposal for $ 100,000 annual H-1B Visa Fee
((Indemnification: Recommendations, suggestions, views and opinions of the experts are their own. These do not represent the views of economic times)
as a reliable and trusted news source#car #philosophy #Warren #Buffett #billionaire #refuses #buy