• Mon. Jan 30th, 2023

Americans Will Pay Double for Products That Last a Lifetime, Survey Shows. Should You?

ByThe Motley Fool

Oct 29, 2022
A person taking a new TV out of the box in their living room.

Image source: Getty Images

If you’re busy working on meeting personal finance goals, you likely look for ways to save money when making everyday purchase decisions.

While saving a few dollars here and there can make a big difference if you’re saving for the future or taking steps to tackle debt, it’s not always the best move to buy the cheapest item available to save a few bucks.

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Instead, you may want to spend extra money on some purchases so they last a long time and your money doesn’t go to waste.

Many Americans value quality products that last

In some cases, investing in quality products can be the best move for your wallet. You’ll spend more money, but you’ll likely get more use out of the product — so your money will go further.

A recent Slickdeals survey found that the majority of Americans will pay more than twice the sticker price for products that will last a lifetime.

Approximately 67% of those surveyed agreed that some items are always worth paying more for as long as they last longer than the average lifespan for those products. This is true for purchases such as cars, kitchen appliances, cookware, TVs, and phones.

Have you ever purchased a cheap item to save money, only to realize that was a poor decision? You’re not alone in this experience. The same study found that 63% reported regretting purchasing a cheap version of a product before.

Think long term when making buying decisions

If you’re looking to buy something you hope to use for a while, make sure you think long term. It likely doesn’t make sense to buy a cheaper, poor-quality product that could break quickly.

Instead, buying a higher-quality product with a higher price tag could allow you to enjoy it for many years. But it’s also essential to take care of your purchase so it remains in excellent condition.

In the Slickdeals survey above, 71% said they performed regular maintenance to ensure their oldest purchase stayed in working order.

A car, for example, an expensive, necessary purchase for many, will work best when regular maintenance is performed. After spending a lot of money on a quality vehicle, neglecting maintenance tasks like inspections, oil changes, and tire rotations would be silly.

The next time you invest in a long-term purchase, consider whether you’ll also be able to commit to proper upkeep.

Four ways to save money without sacrificing quality

It’s possible to save money when purchasing quality products.

Here are four tips that may help you save money and earn more rewards:

  1. Save up for a big buy. If you know you want to invest in a quality product that will cost you more, set a goal and save up for the purchase. You can set your money aside in a high-yield savings account, so it earns interest. By doing this, you can get a better-quality product without the fear of going into debt.
  2. Shop during a sale. Many big-name brands discount their products several times a year. Plan out your essential, costly purchases so you can save money by purchasing during a big sale. This way, you can invest in a quality product that will last a long time and score a deal.
  3. Use cash back apps. You can earn rewards on your spending by using cash back apps and browser extensions. While you won’t get an instant discount on your order, you can use your cash back earnings to pay for other purchases in the future.
  4. Don’t neglect promo codes. Another way to save is by using promo or coupon codes when placing pricey orders online. Many top retailers offer promo codes to help you spend less. You can use coupon apps to find the best discount codes.

Saving money can feel like a win. But don’t neglect quality when making important purchase decisions. Instead, consider how long a product will last and whether it’s worthwhile to spend more money on a quality, reputable product rather than a cheap, poor-quality alternative.

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