Sojourner
Thinks s/he gets paid by the post
- Joined
- Jan 8, 2012
- Messages
- 2,610
For those of us who are fairly frugal by nature (and I suspect that might be the majority of us), have you given much thought to the idea that hanging on to older things as long as possible before “tossing & replacing” can actually run counter to the goal of getting maximum value for your money?
Take cars, for example. Looked at in a straightforward, simplistic way, holding onto a car for, say, 15 years does give you maximum transportation value for the dollars spent on the car. But if you consider that technology advanced substantially in those 15 years and you missed out on some major improvements in crash safety, engine/fuel efficiency, personal convenience features (e.g. Bluetooth, adaptive cruise control), then might you have been better off not waiting 15 years to upgrade? Maybe the best “value” proposition, all things considered, was upgrading to a new car after only 11 years, or 10?
Another example could be mattresses. Is it really better to sleep on the same mattress for 12 years and wait until it’s lumpy and misshapen and not as pillowy soft and supportive before replacing it? Sure, keeping it for 12 years did make the most of those original dollars spent to purchase it, but what is the true value lost by foregoing the advancements in “mattress technology” that could have resulted in more restful, enjoyable, healthy sleep by purchasing a new mattress sooner?
I’ve been wrestling with these kinds of thoughts recently, triggered by a long-overdue upgrade of my A/C and furnace and also my recent purchase of a new car to replace one that was 17 years old. In both cases, I feel like I actually waited several years too long, and as a result, deprived myself of meaningful value in life that I could have easily obtained were it not for my excessive frugality.
How do you do these types of calculations when trying to decide when to replace older things? Obviously there is a balance between constantly buying the latest and greatest in order to always have the most beneficial technologies and hanging on to something until it basically falls apart in order to minimize the money spent on that class of item over your lifetime. But what is the right balance?
Take cars, for example. Looked at in a straightforward, simplistic way, holding onto a car for, say, 15 years does give you maximum transportation value for the dollars spent on the car. But if you consider that technology advanced substantially in those 15 years and you missed out on some major improvements in crash safety, engine/fuel efficiency, personal convenience features (e.g. Bluetooth, adaptive cruise control), then might you have been better off not waiting 15 years to upgrade? Maybe the best “value” proposition, all things considered, was upgrading to a new car after only 11 years, or 10?
Another example could be mattresses. Is it really better to sleep on the same mattress for 12 years and wait until it’s lumpy and misshapen and not as pillowy soft and supportive before replacing it? Sure, keeping it for 12 years did make the most of those original dollars spent to purchase it, but what is the true value lost by foregoing the advancements in “mattress technology” that could have resulted in more restful, enjoyable, healthy sleep by purchasing a new mattress sooner?
I’ve been wrestling with these kinds of thoughts recently, triggered by a long-overdue upgrade of my A/C and furnace and also my recent purchase of a new car to replace one that was 17 years old. In both cases, I feel like I actually waited several years too long, and as a result, deprived myself of meaningful value in life that I could have easily obtained were it not for my excessive frugality.
How do you do these types of calculations when trying to decide when to replace older things? Obviously there is a balance between constantly buying the latest and greatest in order to always have the most beneficial technologies and hanging on to something until it basically falls apart in order to minimize the money spent on that class of item over your lifetime. But what is the right balance?