How To Choose Between Quality And Price?

 

Tags – How to Choose Between Quality and Price

 

When faced with higher and lower price options for similar items, it would be easy to immediately decide to pay the lower price.

Saving money on the price can seem key, particularly if you’re on a budget.

However, even if you decide – or need – to live frugally, it still might not be the right decision. Moreover, it might actually cost you more in the long run.

 

FRUGALITY

Whilst being frugal means being economical, it doesn’t mean spending as little as possible.

In fact, frugality is more about maximising total value and spending wisely.

As such, it is quite often better to spend more on better, higher quality goods which will prove more dependable and durable.

 

INCREASED OUTLAY

In reality, spending more in the short term can give you a better and longer lasting experience.

For instance, if a product requires maintenance, a higher quality item may prove a saving in the long run.

Whilst the initial outlay may be higher, the chances are that your product is made better and needs less upkeep.

As such, if you were to buy a cheaper product, you may end up buying another and then another which would cost more.

 

FALSE ECONOMY

The two major factors in making any purchase of any sort, are price and quality.

Although it’s important to keep your budget in mind, it’s likely to be more sensible to choose quality over price on larger purchases.

For example, it would be a false economy to buy a car more cheaply only to find it required much more spent on repairs.

Equally, with a major investment such as a house, you wouldn’t want to spend too little.

Whilst it might feel a success to buy a house well below your budget, it would be short lived.

As a result, you might find yourself shelling out for major repairs.

Alternatively, you might even need to move house sooner to get something larger or in a more suitable location. 

 

INFLUENCING FACTORS

When making any purchase, there are many influencing factors. For instance, recommendations, reviews and personal preferences are all in the mix.

In addition, circumstances and purpose play a part in the process too. For example, if you have to make a stress purchase, price will have little effect. Let’s say, if you needed a tyre after receiving a puncture, you may not be in a position to shop around. It wouldn’t be a luxury purchase, it would be a necessity.

Therefore, you would probably feel the need to ‘bite the bullet’ and buy a quality tyre. 

 

PRICE OVER QUALITY

There are of course some purchases whereby it’s preferable to buy something more ‘cheap and cheerful’. For example, if you were in rented accommodation and in need of a table, it might not be the right time for you to be investing in quality furniture.

Therefore, it wouldn’t matter if the table was unlikely to last more than a few years.

However, it is equally important for sustainability not to treat all items as commodities.

We have become a throwaway society. As such, there is a danger it’s too easy to throw away and replace less expensive items.

Whilst this might be OK on our purse strings, it may well have a longer lasting effect on our planet.

 

To learn more, get in touch with us today.

This blog was produced in collaboration with Antimicrobial Technology Specialists: Home Fresh.

 

You may also like:

  1. Should I Register for VAT Returns?
  2. How to Maintain a Good Relationship with Your Accountant?
  3. Corporate Philanthropy and Brand Imagine – The Increasing Inter-Connection
  4. Portfolio Diversification – Covering the Basics and Types

Leave a comment