I always wear out things and call it a day, aside from a new pair of jeans (and undies and socks of course), none of my clothes are less than 10 years old, and my lone suit is over 20 years old. My bicycle looks to outlive me with most of it's original components in place.
Of course I don't do this because of age, but because of the moths fluttering out of my billfold whenever I open it...