Last weekend, we bought a kitchen garbage can. The garbage can that we ended up with has a better warranty than some vehicles, as my spouse pointed out. 
But let me share the background behind this story. We moved cross-county almost a year ago. Due to space constraints, we had to leave many things behind, including my stainless steel garbage can. The last one that I had was a cheap (and smaller) imitation of the ones that I had been wanting for years. I decided to wait until we could invest in the one that I really wanted that was larger and therefore more useful (I know someone who purchased one like my previous one only to get rid of it because of the small capacity).
The problem is that they are not cheap, so we waited and did without. I just purchased a top-of-the-line stainless steel garbage can with a 10-year warranty, fingerprint proof feature, and quiet, no-slam lid. So far I have been very pleased with the size and quality, even in spite of the high price tag. I did manage to snag a 20% off discount. The garbage can was pricey to be sure, but I think the investment is worth it, especially since we could have easily paid half the amount on a plastic can.
This experience got me thinking about when it pays to pay more. There are some situations and I want to talk about them.
Here are 5 times that it just makes sense to pay more:
- When You Have Tried the Cheaper Alternatives—In my garbage can story, I had bought cheaper imitations and been displeased. I normally tend to be cheap and spend less, but sometimes you just notice the difference. If you have already been there, done that, maybe it’s time to invest in a better product.
- Long-term Quality—Because I am so prone to spending less, I have learned that, as much as you wish it wasn’t the case, sometimes a lower price means a lower lifespan. This can be true of clothing, furniture, cars, and many other items. If you intend to keep the item for the foreseeable future, it may make sense to spend more.
- Efficiency—If you are purchasing an electronic, appliance, machinery, or an automobile, you may want to spend more to get energy or fuel efficiency. Particularly if you plan to keep the item for awhile, you will pick up savings over time by using less energy or fuel.
- Comfort—Yes, you can get that cheaper mattress, pair of shoes or piece of clothing, but are you going to need to replace it sooner because it is just not comfortable? You may want to pay more for comfort level that will last for years to come.
- Return Investment—Whether it is homes, cars or furniture, I have a problem spending money on items that nobody else will want after you are done with it. I often sell things when I am done with them, so I would rather spend a little more on something with long-term value so that I can sell it when I am done with it. I like to get a little return investment on products that I buy. I have sold cars, furniture, clothing/shoes, toys, appliances, electronics, and many other items in the past. The money that you get can be used towards a future purchase.
For specific items that you should spend more on to get more, check out this previous blog post on the subject: When You Should Spend More to Save More.
In what situations have you chosen to spend more? Have you been pleased with the purchase? Why or why not? Please comment below and share your spending story with us.