To say they were somewhat less efficient than modern ones is an understatement - I replaced a late 1960s, 3.5ft fridge in this flat when I moved it. The old one would barely make ice. My new fridge is not only 7ft tall with a freezer that hits -32C, it does so with the same power draw as the old one. It's not perfect, I had to get it fixed once - the freezer coolant started leaking. But that was a $60 fix, and otherwise, it's been going strong for almost 15 years. It also cost $500 - which is similar to what it would have cost in 1970, with the caveat that these numbers are not adjusted for inflation. That $500 in 1970 is equivalent to $2300 in 2002, when I bought it.
I have a washing machine of similar vintage, and I'd like to get a new one... but I'm waiting for it to break. No luck. It's been going strong with a single repair, and it only cost $220, or a little more than the Kenmore washer I found in the 1970 Sears catalog for $190.
The truth is even if we accept that these goods are inferior, it's because we as consumers made them that way. We'd rather buy 3 appliances over 30 years than pay 3x as much up front, then hold on to it and service it for that time.