How Much Does Price Influence You?

[Snicks]

I rarely look for the cheapest price. Honestly I look for a reasonable price for the thing that I want. I rarely buy the cheapest brand, model, etc. I see to settle in the middle somewhere. How about you?

[disneysteve]

Same here. Shopping strictly by price is quite stupid honestly. You almost guarantee you're buying the poorest quality of whatever it is. It's almost always better to pay a little more and get better quality, better durability, better ingredients, whatever. Of course, if the cheapest is all you can afford, then that's what you get, but if you have the choice, you should shop based on the best value, not the lowest price.

Now once you've identified the specific item you want, shopping around for the best price for that item makes sense.

[cypher1]

It depends on the item. But lean more towards spending more for quality, or closer to middle like yourself. Needs like food or gas, I don't really pay attention to price, but may buy an off brand for ingredients. Cookware and tools I don't go cheap and look at as long-term investments. Optional wants I probably spend more time reading up on reviews before purchase, than focus on price. If it's a really big splurge (most likely a want) I'll be more inclined to wait for deals to lower price for incentives.

[disneysteve]

Here's an example. When we were first married, we got inexpensive cookware. It was probably $50 or so for the set. It was functional and lasted a few years before it started wearing out. We replaced it with another inexpensive set. And then another a few years after that. Finally, we decided to buy a good set. It was about $400, far more than we had paid for all 3 cheap sets combined, BUT it's now 15 or so years later and they still look and work as good as new and we'll probably have them for the rest of our lives.

Another example. We used to get our daughter a new backpack almost every school year. We'd spend $10 or $15 at Target. By the end of the year, it was shot. When she hit middle school we took her to L.L. Bean and bought her a good quality and guaranteed for life backpack. She used it through middle school, high school, and college. We still have it and I've used it when traveling a few times in the past couple years. Sure it cost 5 or 6 times more than the cheap one but we no longer needed to replace it every year.

[Snicks]

Good points. When we first got married, I went and bought myself a nice set of stainless steel Cuisinart pots and pans. I still am using those 30+ yrs later. Over the years, I tried adding a few skillets and other pots here and there. Bought some cheap ones that looked good and those got tossed in the trash in short order. I also find that for a little more money sometimes you get a big jump in quality. However, not always, you still have to be selective.

[Snicks]

One way I have overspent however is buying something that has more features than I will actually use. I mean, I do not need 40 settings on my dishwasher. I don't need a timer and all the other settings. Mostly a heavy wash and normal wash are fine. But, sometimes you have to upspend to get the quality you want even if it has features you will never use. My car is another example. I do not want a Moon roof. Can't stand those. However, I want leather heated seats and the car I want that has those comes standard with the Moon Roof so I just keep that closed. Features I don't want and paid for but I had to get the things I do want.

[disneysteve]

I also find that for a little more money sometimes you get a big jump in quality. However, not always, you still have to be selective.

I generally find that there is a big difference between basic and good and a much smaller difference between good and premium. The top end is often about status and bells and whistles.

[disneysteve]

One way I have overspent however is buying something that has more features than I will actually use. I mean, I do not need 40 settings on my dishwasher. I don't need a timer and all the other settings. Mostly a heavy wash and normal wash are fine. But, sometimes you have to upspend to get the quality you want even if it has features you will never use.

Very true. We've encountered that with appliances. We wanted a washing machine with a few basic cycles, but the one with only 3 cycles has crappy plastic parts and thin metal. The more costly one that has much better quality construction has 47 wash cycles, of which we will ever use 2, but won't die in 3 or 4 years.

[amarowsky]

Short Answer : A lot in Most transactions.

Long Answer : Depends on what i'm spending.... Is this food (varys a ton) if it's a durable asset (value is most important Value = Price to qual ratio) , if it's a fixer upper house in a decent area Price is almost ALL that matters (same w/ most assets that are held to produce income, 90% of the importance is the price for what you're getting).

[amarowsky]

Kinda similar to this thread.... But something different I'd love to share.

Go to #buyitforlife on Reddit. <---- Basically a ton of well made "things" that have lasted the test of time, or are soo well built that they're going to last a ton of using/beating/storing/rough handling. It's pretty cool to see how well stuff used to be made! (Part of my wish that everthing costed like anywhere from 50% to 200% more, but it LASTED for a long time / Was built to be repaired / modular & upgradable. <----- my dream for future manufacturing.... Better made, most expensive, but will last and be WAY LESS WASTEFUL.

[ua_guy]

Price is important, but selecting the right product for the intended purpose is more important. "Buy it once" is my mantra. That doesn't always mean going for the best or most expensive.

[disneysteve]

Price is important, but selecting the right product for the intended purpose is more important. "Buy it once" is my mantra. That doesn't always mean going for the best or most expensive.

For sure. There are often times when I purposely seek out the cheap option because it's for something that is going to be one-time use. I don't care if the product lasts. I'll shoot over to the dollar store and get something that will fill the need and essentially be disposable.

[myrdale]

I usually find what I think works best for me and go with that.

I am currently in the process of changing out my entire wardrobe, replacing everything I have that is an XL with an XL Tall. I am switching my work shirts to LLBean. $55 or so each, and ordering three or so every month or two. Similarly most of my plan tee shirts I am going with Columbia at $25 each. Bluejeans I might spend $120 on a pair. Shoes, are again $120 but I wear them till the soles fall off.

Computer parts is another good example. Instead of buying the bleeding edge, look one tier down and your 95% of the top tier and a significantly less price.

The more I look at new vehicles the same applies there.

I've got a Dyson vacuum cleaner. $$$, but it does one heck of a job, and at $700, that is a drop in the bucket compared to my friend with a $3k Rainbow vacuum.

Look for utility and quality. Price will take care of itself.

[riverwed070707]

A lot. I hate spending money and I agonize over big purchases for far longer than I should, but I am a huge proponent of buying used. Clothes, dishes, appliances, furniture... never buy any of it new. I even keep a list of things on my want list in case I find myself in a thrift store and can check a few things off my list. I have no issues with delayed gratification but if I don't find it at a steep discount, I'm not buying it.

[QuarterMillionMan]

I take $269 vs $699 all day.