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I got one from The Belt Man years ago and it's still like new, very impressive quality.
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I will start out by saying my Beltman belt is one of my favorites.
I will also say that I've not babied it at all.
Mine does not look new, but it does have that good "worn leather" look that you get with good leathers as you use them.
It's also done that forming to your shape thing that leather does.
If it were to no longer be functional, I'd replace it immediately. In reality, I need to buy another to keep in reserve...