When two products perform the same and last about the same amount of time then it is not always the best idea to buy the most expensive one. In that case the more expensive product does not justify buying it. I have found a big difference when buy the cheapest or mid priced products in soaps, shampoos, cookies and other baked goods, towels etc. When I buy the cheap soap it just doesn’t wash very well so the mid-priced product is better. Cheap baked goods are not very good. Extended warranties are also not a good investment because if they are offered it means that the manufacturer expects the product to last for the extra year or two which is the length of the extended warranty. So when should you pay more for a product?
Someone recently asked me to justify spending more money for Flexi-Felt Floor protectors then other products on the market. In this case it was easy to justify. Who has or wants to spend their time constantly replacing cheap felts? I know I would rather spend a bit more, put them on and take that worry off of my list of things to think about replacing. I don’t have the time to constantly run out to the store to buy them. I would keep wasting gas to go to the store and come back and never mind the cost of constantly buying product that lasts maybe a month.
I was told years ago to look at the payback time (maybe not the correct term here but once you read it you’ll know what I mean). Yes , again a bit of math. Say you pay something $100. And it lasts 2 years. You buy something cheaper that costs you $10 but only lasts 1 month. In 10 months the more expensive item is paid off because you don’t have to constantly replace it and you actually end up ahead money wise. Over 24 months (2 years) x $10/month the cheap one costs $240 but the more expensive one was $100 so you end up saving $140. You can do the math on a lot of things and see what is worth spending more money on and what is not. Look at how long it will last and what it cost – then do the math.