I could see spending a lot on creature comforts or on bikes/components if you can lock up indoors....my frugal results prolly have a lot to do with commuting in NYC - Like some others posting here, I've gone through about 4-5 main 'hack' bikes in 20 years, one bought new, one bought used, the others salvaged from the trash. I really only ever 'wore out' one bike - the rest were sold cause they didn't fit so well or abandoned wrecks that were too far gone to salvage.

But I will say parking in a high-theft environment will make you value an old stripped down beater for commuting........especially if you can't park indoors. Hence, you tend to keep the same old bike longer, which = more savings.......but if you can afford the cushy shi-shi bling bling, and it's reasonably safe, why not?