Warren Buffett Drives 10-Year-Old Cadillac Bought With Hail Damage

Despite having the financial means to purchase any vehicle, billionaire investor Warren Buffett continues using a modest car with an interesting history.

Despite being the sixth-richest person globally, Warren Buffett continues to drive a 2014 Cadillac XTS he purchased with hail damage.

Although he can afford any luxury vehicle, Buffett prefers the practicality of his 10-year-old car. His daughter, Susie, was sent in 2014 to buy this vehicle to replace his previous 2006 Cadillac DTS, which had only 19,000 miles.

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Susie disclosed in a BBC documentary that her father's frugality extends to purchasing cars with cosmetic damage, which are more affordable and functional post-repair.

Buffett’s car ownership approach reflects his broader wealth and consumption philosophy. He believes further spending doesn’t enhance his quality of life after a certain comfort level.

At a Berkshire Hathaway meeting, Buffett stated, "I have everything in life I want". This practicality also extends to his time; buying a new car is seen as an avoidable time-consuming task.

Warren Buffett’s frugality is a consistent theme in his life, reinforcing his belief that additional spending has diminishing returns on happiness. His lifestyle choices extend beyond vehicles, even touching upon where he resides. Buffett still lives in a house he purchased in Omaha, Nebraska, back in 1958 for $31,500. The modest home, coupled with his modest car, underscores a deliberate approach to simplicity.

Furthermore, his investment philosophy is aligned with his personal values. Buffett, through Berkshire Hathaway Inc. BRK, has often underscored the importance of investing in undervalued but fundamentally strong companies. His adherence to thrift is also seen in his personal life and professional investments.

Also noteworthy is Buffett’s philanthropy. In recent years, he and other billionaires, including Bill Gates of Microsoft MSFT, pledged to give away at least half of their wealth in a campaign known as the Giving Pledge, which started in 2010. This reinforces his viewpoint on wealth and its efficient utilization for the greater good.

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