It’s natural when buying items to compare prices to see what is the best deal, but keep in mind the cheapest price is not always the least expensive. For example, if I need a jar of spaghetti sauce, I can buy it in different sizes (let’s say 12 oz, 20 oz or 36 oz). The 12 oz can might be priced at $2.50, the 20 oz can priced at $3.99 and 36 oz priced at $6.50.
At first glance, the $2.50 is the best deal (spending the least amount of money), but in price per ounce, the 36 ounce jar is the best value (18+ cents per ounce versus 19+ cents for the 20 oz and 20+ cents for the 12 oz jars.) If I were buying this item, I’d buy the 36 oz jar as it is the best price overall because it is the least expensive per ounce.
However, when it is something that I need to know is going to last, paying a higher price may be less expensive in the long run. You may decide to spend more for a BMW than you would a Chevy because you know the BMW is made well and will most likely last longer.
Although it is probably much more expensive up front, the long term value you’ll receive in reduced repair costs and longer ownership is probably worth it. Car buying decisions are based on other things too (like how the car looks, performs, etc) but I think you know what I’m trying to show in this example.
Finally, your relationship with the business you purchase the item from is important as well. If you have a question, is someone there to answer it for you? If you need help, is there technical support.? Have you built trust with them and know they will be there for you?
There are times that I don’t even compare the price of my purchase as I know the amount I’m paying for the service is worth the value I receive and I trust the business. I also like to support my clients’ businesses and see them succeed, so I shop from them even if their prices aren’t the cheapest. What is important to us is seen as valuable and may be more important than the price paid.
So when you need to make a purchase, decide how important the product or service is to you and ask yourself if the value you receive is worth the price you are paying. Even if the total cost is more, the answer may be a resounding yes.