Poll of the Day > Do you ever consider the extra cost between two products being not that bad.....

(+) Yeah! (+)

....when you consider its usage over the period multiple years? Say one product cost $20 but another cost $40-60. You're spending 2-3 times the amount at the time of purchase but over the course of multiple years, that extra $20-40 might not seem toooo bad depending on your perspective.

I'm being vague as I'm sure some folk's opinion will vary depending on what said product is. One product might be worth spending the extra cost on whereas another product isn't. In general, do you ever gauge the extra cost of one product versus another and when factoring it its usage over multiple years?

Comments and opinions are appreciated,

Thank you
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I too have taken an economics course.
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The only piece of advice my father ever gave me was never buy the most expensive but also never buy thre cheapest as its probably cheap for a reason and the most expensive is probably just paying extra for the brand name.

I dont always follow it though. Like when I worked construction I didnt pay attention to the price too much on tools I bought i simply went by if it had a good reputation for doing a good job and being durable enough to withstand everyday use.

One example being saw blades for cement fiber. There was a 20 dollar one and a 60 dollar one. I tried the 20 dollar once. It didnt make it through the day. 60 dollar one would last several weeks to a month.
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I feel like we did this question recently. And I thought it was the same poster, as well... Either way, it really does depend. Like Andrews father said, never buy the cheapest, as its probably cheap for a reason. And its true that the expensive ones are probably expensive for the brand name. But it really does depend.

That being said, I do weigh out the price and stuff. I might buy something more expensive if I think its better, will last longer, or will better suit me...
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mooreandrew58 posted...

cheapest as its probably cheap for a reason and the most expensive is probably just paying extra for the brand name.

I can definitely agree with the latter.

mooreandrew58 posted...

One example being saw blades for cement fiber. There was a 20 dollar one and a 60 dollar one. I tried the 20 dollar once. It didnt make it through the day. 60 dollar one would last several weeks to a month.

Wowza. Either that $20 saw blade was overpriced or that $60 saw blade was underpriced. That's a huge difference in performance.
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InfestedAdam posted...

mooreandrew58 posted...

cheapest as its probably cheap for a reason and the most expensive is probably just paying extra for the brand name.

I can definitely agree with the latter.

mooreandrew58 posted...

One example being saw blades for cement fiber. There was a 20 dollar one and a 60 dollar one. I tried the 20 dollar once. It didnt make it through the day. 60 dollar one would last several weeks to a month.

Wowza. Either that $20 saw blade was overpriced or that $60 saw blade was underpriced. That's a huge difference in performance.

20 dollar one was made more catered to someone who only has a small project. So I guess get what they can out of you when you do buy it. 60 dollar ome was made to cater to people like me who was using it everyday.

So yeah the cheaper one was probably over priced as it wasnt something one would buy often.
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LinkPizza posted...

I do weigh out the price and stuff. I might buy something more expensive if I think its better, will last longer, or will better suit me...

I feel that's tougher to gauge depending on how one has used said products. As an example, my one pair of polyester hiking pants lasted me several years and only now is starting to have issues with a pocket zipper and the fabric is ripping in one spot but overall they're still fine. This is from using them several to a dozen times a year for the entire day of a hiking/camping trip. I recall buying these pair of pants for $60-70ish from REI.

My normal daily use cotton pants have lasted me about 3-4 years before the fabric started ripping with a built-in AC at the seam. Without going into details of polyester vs cotton, I find it a bit difficult to compare the two type of pants given the different material/amount of usage. These cotton pants costed me about $30-40 from Old Navy.
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InfestedAdam posted...

LinkPizza posted...

I do weigh out the price and stuff. I might buy something more expensive if I think its better, will last longer, or will better suit me...

I feel that's tougher to gauge depending on how one has used said products. As an example, my one pair of polyester hiking pants lasted me several years and only now is starting to have issues with a pocket zipper and the fabric is ripping in one spot but overall they're still fine. This is from using them several to a dozen times a year for the entire day of a hiking/camping trip. I recall buying these pair of pants for $60-70ish from REI.

My normal daily use cotton pants have lasted me about 3-4 years before the fabric started ripping with a built-in AC at the seam. Without going into details of polyester vs cotton, I find it a bit difficult to compare the two type of pants given the different material/amount of usage. These cotton pants costed me about $30-40 from Old Navy.

It can be hard to gauge. Especially if you have nothing to go on. Though, depending on the product, sometimes I can get a little more info from reliable sources. Like if I know someone who has it or something...
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If you're really interested in this topic, I recommend reading up on (or watching Youtube videos about) behavioural economics. Richard Thaler had some great theories and there was a great video floating around on Facebook which explained how we behave irrationally when it comes to spending choices.

EDIT: I found the original video which inspired me to read quite a few journals and books on the topic!

https://www.youtube.com/watch?v=n1b7piSmmME" data-time="
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