For those of you who have read my older posts on ways to save money, you may have noticed that I like to keep my material items for the long term. Whether it’s my clothes, shoes, my car, house, appliances, electronics and investments, I like to keep it all for as long as possible.
It’s not about how much you pay initially, but how much you pay over the time that you own the item.
There are times when you can buy the knock off or no name brand, but it lacks severely in quality which ends up costing you more in the long run. Other times, the no name brand is about the same as the high end item and makes it a good deal (ex. generic OTC drugs). But more often than not, you get what you pay for.
Let me clarify with an example, you could get a pair of shoes at Walmart that look exactly like a shoe at a mainstream store like Aldo or The Shoe Company. However, at Walmart, shoes are typically sold for for around $25-$30, whereas the brand name stores are closer to $50-$80.
Shoes purchased from Walmart last me about 3 months before the soles start to crack or peel off. Whereas shoes from brand name stores will last me at least a couple years. The same applies for clothes from discount stores like Walmart. Even though the price is right, they do not make it past a few washes at which time it’s simply a rag.
The point of the article is that there is a difference between a product that is cheap and a product that is good value. Personally, I prefer quality products for the long term but wait for it to go on sale before purchasing.
Do you do the same thing?
photo credit: ginnerobot