You’ve heard the old adage – “It pays to buy the best.”
Well, it’s a lie. Maybe it used to be true but it’s not anymore.
Here’s another ancient un-truth: “You get what you pay for.” That’s true sometimes, but not always.
I’m a cut-rate guy. I know this about myself and I accept it. I rarely pay full-price for anything. I rarely buy top-of-the-line merchandise. I look for deals, sales, “gently-used” items – anytime I can pay less, I’m in.
My wife calls this the “Rob Errera Cheese Factor,” but I resent that. I’m not just being cheap and cheesy. I’m being frugal and wise. I’ve been an “educated consumer” for more than 30 years now and the more shopping I do the more educated I become. In my experience I’ve found you have to strike a balance between cost vs. functionality and items that are marketed as “the best” are rarely worth the extra money they demand.
Case in point – my new headphones. For the past year I’ve been using a $10 pair of earbuds. They sound okay, but they’re “entry level” earbuds. I decided to treat myself to a fancy pair of ‘buds. Hey, I’m a music lover — it’ll be worth the extra expense, right?
Well, there are lots of choices. Earbuds range in price from $5 to $500. I settled on fairly upscale $100 pair. I was impressed with them – the sound is much fuller and rich. I can hear more detail in the music I listen to. I can hear the squeak of the violin bow during classical pieces, the creak of the drummer’s throne during a quiet moment in a jazz set. Yeah, these new earbuds sound good.
But they don’t sound ten times better than the $10 earbuds I was using, you know? They sound maybe, three times better. If these earbuds cost $30 I’d feel I got my money’s worth. But they cost more than three times that, and, as a result, I’m left feeling I overpaid for a “better product” that failed to meet my expectations.
Cost vs. Function
This whole “cost vs. quality” issue is something I encounter all the time when shopping. During these tough economic times you have to question the price of everything and ask, “is it worth it?”
A better question might be “Who decides what this is worth?” I’m sure there’s an elaborate science to “consumer price points” and figuring out how much to charge for various products. But the numbers they’re crunching don’t add up.
Why does a BMW SUV cost $40,000 and a Hyundai SUV cost $20,000? Is it really “twice the vehicle” as the Hyundai? Will it look and drive twice as nice? Will it only cost half as much to maintain? Will it last twice as long?
Apply this formula to all of your purchases. Is that $3 loaf of Wonder Bread three times tastier that the $1 store-brand bread? Is Poland Spring water 50-percent better than generic spring water?
Sometimes the answer is yes. (I’ll buy store-brand bread, but I won’t cut corners on paper towels or toilet paper — you’ll end up with a mess on your hands…literally.)
I’ll spend top dollar on something I feel is important. I bought my wife’s engagement ring from Tiffany’s in New York. Yeah, I could have gotten a bigger, better ring down in the Diamond District, but this one came in a swanky “little blue box.” My wife seemed impressed. She agreed to marry me so the ring fulfilled its desired function.
But if you ask yourself “is it worth it?” about the products you buy you’ll probably find the answer is often “no.”
So what are you to do? Just buy cheap stuff all the time?
Yes. You should buy the cheapest product around that meets your needs.
And once you do, you should immediately accept the fact that you’ve just brought a cheap product and it will not be as good as other products on the market (those products that cost twice as much but are not twice as good.) And when your cheap product breaks – which it will, soon – you won’t get it fixed. You’ll trash it and get another cheap product.
Built To Fail
Sound sad? It is. But that’s what manufacturing has evolved to. Everything’s disposable. Everything’s junk. Even “quality merchandise” has a limited lifespan and may not be worth fixing once it breaks. Nothing is built to last anymore.
A better plan is to bring your broken piece of junk back to the store where you bought it for a refund. Perhaps the store will exchange it for a working piece of junk of equal value. If there are enough returns, maybe manufacturers will stop building products so cheaply. I’m sure a lot of price points are based on consumer demand. If we all demand better stuff maybe we’ll get it.
And if, on your travels to over-priced stores to buy/return poorly produced junk, you should happen to see something shiny lying on the ground, stop and take a closer look. It might be the stone from my wife’s engagement ring, which fell out of its classic “Tiffany setting” years ago. The diamond might be in our house, or in our car, or anywhere else in Northern New Jersey.
If you find it, you can thank me for buying the best.
Originally published in Wayne TODAY, May 2009