Q: Is “lowest price” the right framework for purchasing decisions?
A: Not if it costs you significant quality.
I’m learning to reframe my thinking from “cost” oriented to “value”.
I grew up reading restaurant menus from right to left (price first). Money was tight so I was always conscious of the cost of things. For years I used price as the deciding factor.
But more recently I’ve grown to understand that “best value” and “lowest price” aren’t always the same thing.
“When you buy something cheap and bad, the best you’re going to feel about it is when you buy it. When you buy something expensive and good, the worst you’re going to feel about it is when you buy it.”-Sasha Aickin (former CTO at Redfin)
This goes along with the saying,
“I’m frugal, so I don’t buy cheap.”
Actionable Question: Is cheaper really better if it saves you 30% but is only half as good?