A little different "take" on the subject that involves a look to the future.
We bought our "villa" in 2004, just a few years old. At the time, we bought all new furniture. In the past 14 years, we haven't had to replace anything of consequence.
We no longer entertain at home, as our social life usually centers on our Liberty Village CCRC "campus", so the decor becomes what we're comfortable with, and not to follow trends. Wear and tear is minimal.
The plan is to keep expenses low, and when the time comes for us to move into some part of our community... apartments, assisted living etc., we'll have the interior redone and updated... paint, carpeting (that's important for senior housing) and anything that shows wear. Experience shows that resale prices in the community are much higher for homes that don't need work. At this point, we look at the home value as part of our long term planning. Our cars, 96 Cadillac and 98 Town Car, look great, run great, and at a total of 3,000 mi./yr... and should last forever.
We won't do anything to update our Woodhaven lakefront getaway, as it will sell as-is for much more than we paid for it in 1989.
I guess the takeaway from all of this, is that we're happy with what we have today, and aren't too concerned about keeping up with the neighborhood. Just a continuation of our frugal lifestyle. It's peace of mind, knowing that we're good for the long term... safely calculated through our early 90's. Just imagine... by then, it will mean 40 years of retirement.