Sixty-Three Percent of Americans Have Been Burned by Buying the Cheap Version of a Product

The average American is willing to pay more than twice as much as the sticker price for products that last at least twenty years, according to a survey commissioned by Slickdeals, a community of millions of real people working together to save.

Three in five respondents claimed they’re more inclined to spend money on quality items than on something cheaper, both in price and quality. However, more than six in 10 (63%) have been burned by buying the cheap version of a product before.

In the poll of 2,000 US adults, commissioned by Slickdeals and conducted by OnePoll, items that last the longest were reportedly the most “valuable” to 69% of respondents.

The study found the average person has held onto their oldest owned items for 15 years. The top oldest items owned and used daily include phones (25%), cars (13%), and watches (8%). Meanwhile, rarely used and held on to items are shoes (15%) and coats (9%).

According to two-thirds (67%), some things are always worth paying more for, provided they last longer than average — cars (34%), kitchen appliances (34%), cookware (30%), TVs (28%), and phones (26%).

“A cheap upfront cost does not always mean you won’t end up paying for it later,” said Louie Patterson, personal finance manager for Slickdeals, “The concept of buy it for life can be valuable. Investing in a higher quality item can ultimately save you on replacement costs and the time and energy spent researching and shopping for a new item.”

Seventy-one percent said they make sure their oldest items stick around, giving them whatever maintenance they need to keep them in working order.

Nearly half of respondents (49%) also said they own an item they are sentimental about and hope to pass it down to future generations one day. Over half (57%) base the value of their longest-lasting items based on sentimentality rather than money. However, if forced to sell the long-lasting items that mean the most to them, the average respondent said they’d list it for no less than $1,243.

Results also revealed that more than three-quarters (77%) bought lifetime warranty products over alternatives strictly because of their warranty. Thirty-two percent of lifetime warranty holders have never had to use them.

Patterson added, “Overlooking quality by simply focusing on price is a mistake consumers sometimes make when looking for the best deal. Our community of millions of real shoppers is a great resource to ensure you get the best products at the best prices.”

Cars – 34%
Kitchen appliances – 34%
Cookware – 30%
TVs – 28%
Phones – 26%
Jewelry – 26%
Watches – 25%
Exercise equipment – 22%
Dishware – 19%
Shoes – 19%

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Hi! I am a millennial mom with a passion for personal finance. I have always been “into” personal finance but got inspired to start my blog after a period of extended unemployment. That experience really changed the way I viewed my relationship with money and the importance of accessible personal finance education.