I flew foam planes all the time when I started, 1979. They were glow powered. A good foam plane can last for a couple of years. They do repair easily , as was mention. But everytime you repair a plane, you generally add a little bit of weight. After a few repair, you will have added enough wieght that the performance will be deminished enough that you will probably not enjoy that plane any longer.
Typically a performance gain can be achieved by removing or omitting the landing gear. Generally the landing gear are attached to a wood block or some sort of reinforced plastic. Sometimes that can be romoved also. This will generally make the plane faster and climb better. You simply land the plane by sliding it in on the belly in the grass. Generally this will not damage the plane. In fact the landing gear will generally cause more damage to a plane. The landing gear are so small and require such a smooth surface and landing technique that landing on the wheels often results in minor damage unless you are very skilled and have a wonderfully smooth landing site.
A skilled and experienced pilot could reasonably expect that little T34 to last somewhere between one and a half years to two years if well cared for. Foam planes will fatique. The constant stresses of flight and landing will cause minor fractures in the foam structure and the foam will get weaker over time.
98 dollars for a complete set up is a very good price. And that is a cute little plane. You seem to have made a good purchase. This does not appear to be a beginner airplane. An inexperienced pilot without an instructor would most likely completely destroy this plane within a few flights. I would avoid flying over concrete. Fly over grass, its softer. Fly when the wind is light or calm. Find someone to help you if you haven't flown before.