“Time is too precious”: Warren Buffett explains why he won’t upgrade his 11-year-old car

Most of the billionaires often flaunt their luxury lifestyle by showing off their expensive cars as a status symbol, however, Warren Buffett does not believe in this show off. The billionaire loves his 11-year old car and treats it like a kitchen appliance. At 94, the legendary investor drives a 2014 Cadillac XTS—complete with hail damage—because, in his words, “a half a day I don’t want to give up” is too steep a price for car shopping. Buffett’s approach towards not buying a car is not new. At the Berkshire Hathaway shareholders meeting in 2001, Buffett explained that simplicity and safety matters the most to him and not style. His present Cadillac, which was purchased by his daughter Susie Buffett, reflects that ethos. Susie purchased the car from Huber Cadillac in Omaha, posing as a regular customer. Later Buffett praised the dealership in a letter to GM CEO Mary Barra for treating her fairly—without knowing she was buying for one of the world’s richest men.

Time over money

Buffett views of still using the 11-year old car is rooted in his philosophy that time is the most valuable asset. “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 once said. “But I don’t like to trade away when there’s really no benefit to me at all.”Every year he drives around 3,500 miles a year and despite some occasional nudges from his daughter to upgrade, he remains content. To Buffett, cars are about utility, safety, and efficiency—not prestige.

A lesson in simplicity

As reported by Cox Automotive’s 2023 Car Buyer Journey Study, most of the Americans spend around 12 to 14 hours in buying a car. Buffett’s decision of delegating the task to her daughter underscores the belief that those hours can be spent in reading, investing and thinking.His investing philosophy mirrors his driving habits: buy quality, hold long, and avoid unnecessary churn. “I’m totally happy with the car,” he said in 2001—and he’s still proving it today, behind the wheel of a Cadillac that’s weathered more than just Nebraska hailstorms.