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Pay Too Much for everything

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41–50 of 170 posts

Re: Pay Too Much for everything

#41
> This is so weird to me. No one haggles over $5 on the price of a car, but it seems that everyone needs a tip calculator to determine if they should pay 21.50 or $22.00 for a meal.

A $5 on a 2000 is 0.25% and a $0.50 on $20 meal is 2.5%

Re: Pay Too Much for everything

#42

I think what the article is trying to say is "Buy the best quality that you can afford". Unfortunately the Author has completely conflated Quality with Price. Higher price != Better Quality (not always anyway)

And to be fair to the author, he mentions the same

> This doesn’t always work. Sometimes a cheaper product is actually better. But consider removing price as the default decision criteria.

Re: Pay Too Much for everything

#43

I think what the article is trying to say is "Buy the best quality that you can afford". Unfortunately the Author has completely conflated Quality with Price. Higher price != Better Quality (not always anyway)

And to be fair to the author, he mentions the same > This doesn’t always work. Sometimes a cheaper product is actually better. But consider removing price as the default decision criteria.

Indeed, quality lives in many places and has many faces.

The price tag is rarely one of either.

Re: Pay Too Much for everything

#44
post #39
post #36

Earlier quoted context omitted.

Is it just me, or do jeans seem very cheap in America? In Sweden, a pair of regular Levi's jeans might cost you 1000 SEK, which is about $136. The designer jeans might cost 1500+ SEK.

Levi's are what I'd call 'designer jeans' or maybe low end designer jeans. I mean, uh, I might be using that word incorrectly, but yeah, they are very expensive compared to off-brand jeans of similar quality. (I believe you can mostly evaluate the quality of jeans with your eyes and your hands.) I dono exactly how much I'd pay for them here, just, well, probably more than I'm willing to pay.

Levi's are "Name brand" or something like that. The more expensive stuff in box stores are designer branded or something like that, not actually designer clothing.

Macy's is probably the low end for actual designer stuff.

And yeah, jeans are cheaper in the U.S., Levi's go for ~$40-$60.

Re: Pay Too Much for everything

#45
Reminds me of some gift buying advice I read. Given a specific budget, don't get a big-but-cheap item, but a higher-quality but smaller/simpler item. The latter is more likely to be valued and retained.

I think the example given, for a golfer, was a crafted/precious golf tee over a trashy electronic putting game. (Ignoring, of course, the fact that the tee might easily get lost.)

Re: Pay Too Much for everything

#46
The author is right but the problem at the moment is that more and more, you cannot correlate quality with price. That is, expensive gears can be of low quality. It is harder and harder to even be able to pay more knowing that you get more.

Also, the point missing is that you need to take care of your expensive gears. You need to put money into maintenance.

Re: Pay Too Much for everything

#48

I think what the article is trying to say is "Buy the best quality that you can afford". Unfortunately the Author has completely conflated Quality with Price. Higher price != Better Quality (not always anyway)

And to be fair to the author, he mentions the same > This doesn’t always work. Sometimes a cheaper product is actually better. But consider removing price as the default decision criteria.

The main point - rule of thumb - that can be derived:

consider removing price as the default decision criteria

Most of the comments here (and parts of the original article) are elaborations on applying this principal. So price is not necessarily correlated with quality, but using price as a default decision criteria results in suboptimal outcomes (stuff that is not really "better" or consumers that are happier or otherwise benefited).

Re: Pay Too Much for everything

#49
post #35
post #17

I definitely disagree. Maybe sometimes, paying twice as much gives you something that lasts ten times longer. Or maybe, you will pay five times as much, and get something that (hopefully) lasts a bit longer. I use a lot of earphones, and they tend to break quite fast. Once or twice, I decided to move away from the usual 15$ models and pay 60$ for better brands, with good reviews, and everything. Did they last longer…

Well, the $60 earphone actually comes with a 2 year warranty... whereas the $15 one does not.

Buy fewer than four pairs of $15 headphones in two years and you're still ahead. At least, you're still ahead financially; value is virtually impossible to quantify when you take into account subjective qualities like sound, appearance and comfort.

Re: Pay Too Much for everything

#50

> This is so weird to me. No one haggles over $5 on the price of a car, but it seems that everyone needs a tip calculator to determine if they should pay 21.50 or $22.00 for a meal. A $5 on a 2000 is 0.25% and a $0.50 on $20 meal is 2.5%

Is this relevant? If I get £50 off a house purchase and then tip the next waiter I meet £50 on a £50 meal, I'm no better off but the waiter will be ecstatic and the house-seller probably not more morose. The percentages are not terribly relevant to happiness, which is not well-correlated with money saved--see Dickens for more details. :)
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