I found that Aussiebum nylon suits do last a lot longer than the lycra or other blends, but not as good as the old speedo nylon. The material seems to break down and the color fades. I have nylon speedos that were my fathers when he was in school in the 60's that are as good as new.
The draw string stuck in the suit is a sign the rubber in the waist is breaking down. It has a tendency to either become brittle and break up, or turn liquid and into glue. Either way, it goes along with the fading suit as far as longevity of a suit goes.
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