How often to do you evaluate the value of something verse the cost of something?
A Quick Story
Back in 2006, I paid $100 for a pair of Johnston & Murphy black leather dress shoes. Johnston & Murphy has a reputation for excellent craftsmanship and durability. This was one of the most expensive pairs for sale at Macy’s that day. Being in college at the time, I normally would grab the least expensive pair priced at $60 (I forget what brand). But I took a step back and thought about all the upcoming times I would be needing nice dress shoes – my brother’s wedding, my graduation, and future work. I wondered if that $60 pair was going to be the right shoe to wear for years to come. The Johnston & Murphy’s were more comfortable and felt higher-quality.
I asked an employee in the shoe department how many years each pair would last if worn consistently. He said the less expensive pair would last three years max and the Johnston & Murphy’s are known to be worn 10+ years by their owners. That made my decision easy. Why would I choose to spend almost twice the amount of money, plus two additional shopping trips for a less comfortable shoe over a 10 year period?
Fast forward to 2014. I wear that same pair of shoes several times a week. They are starting to show their age after eight years but I consider them to still be in good condition. That fostered a new mindset for me about always considering the value of something on top of the cost.