Despite having the financial means to purchase any vehicle, the billionaire investor Warren Buffett Continue to use a modest car with an interesting history.
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Despite being the sixth richest person in the world, Warren Buffett keep driving one Cadillac XTS from 2014, purchased with hail damage.
While he can afford any luxury vehicle, Buffett prefers the practicality of his 10-year-old car. His daughter Susie was contracted in 2014 to purchase this vehicle to replace her previous 2006 Cadillac DTS, which only had 19,000 miles on it.
Susie revealed in a BBC documentary that her father’s frugality extends to purchasing cars with cosmetic damage, which are more affordable and functional after repair.
Buffett’s approach to car ownership reflects his broader philosophy of wealth and consumption. He believes that further spending does not improve the quality of life after a certain level of comfort.
During a meeting of the Berkshire Hathaway, Buffett said: “I have everything I want in life.” This convenience also extends to time: Buying a new car is seen as a time-consuming activity.
Warren Buffett’s frugality is a constant theme in his life, which reinforces his belief that additional expenses have a diminishing return on happiness. His life choices extend beyond vehicles to where he resides. Buffett still lives in a house purchased in Omaha, Nebraska, in 1958 for $31,500. This modest house, along with his modest car, emphasizes a deliberate approach to simplicity.
Furthermore, his investment philosophy is aligned with his personal values. Buffett, through the Berkshire Hathaway Inc. (NYSE:BRK) has often emphasized the importance of investing in undervalued but fundamentally strong companies. His adherence to thrift is also seen in his personal life and professional investments.
Buffett’s philanthropy is also noteworthy. In recent years, together with other billionaires, including Bill Gates Of Microsoft (NASDAQ:MSFT), has pledged to give away at least half of his wealth in a campaign known as the Giving Pledge, which began in 2010. This reinforces his view on wealth and its efficient use for the common good.
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