For decades I focused on buying things cheap. Clothes, phones, cars, shoes, etc. were always purchased based on the cost. But, what about the value of those purchases? Is it really worth it long term to buy everything cheap, or is it better to buy something that lasts a long time?

A few years ago I read an article titled something along the lines of “Escaping poverty is nearly impossible.” I couldn’t tell you who wrote it or the exact title for the life of me, but I’ll always remember reading it.

In the article, the writer mentioned that very essential items prevented a cost-effective purchase for them. In one example, they posted that cooking for themselves isn’t always as cost-effective as buying from a restaurant. While, yes, you could make ingredients for burgers at home at a fairly cheap price, you end up with a lot of meat, buns, and other ingredients that may eventually spoil if you live on your own. In another example, buying toilet paper at Costco is extremely cheap compared to buying it in a regular grocery store. Or, buying bulk deli meats or steak at Costco is cheaper than a grocery store, but again, it would probably spoil. There’s also the cost associated with a Costco membership to consider.

I won’t go into the technicalities of the finances here for a moment because that isn’t what I want you to take away from this post. What caught my attention was more than just the cost of items; it was the ability to keep these items in stock. Sure, you could buy a 24-pack of toilet paper rolls in your house at a very cheap cost per toilet paper roll or a giant pack of deli meat, but where would you put it if you lived in a tiny condo? What about a giant box of dish detergent or soap for clothes or dishes? They cost less over time with the larger size, but at the moment you need to buy it do you have enough money? Or are you stuck with buying the small, cheaper stuff to get by? And, if you can buy the larger size, where do you put it?

Let’s ignore physical storage space for a moment. What if you need a new phone? The average phone costs $940. This is roughly the same amount the average American makes every week, whereas people in poverty earn less. After expenses such as rent, utilities, insurance, and other payments, many people can’t spare $940 easily. So, what do they do? They finance a phone.

The latest iPhone 15 Pro can be financed at $34 per month, which seems like a better expense to swallow. After 24 months of 0% interest, it creeps up to roughly 20% APR. You spend more money financing a phone than buying it outright. Furthermore, people often take advantage of a deal with cellular plans that include financing. It’s a scam.

Using the same scenario as above, the iPhone Pro costs $27/month with an AT&T plan of 4 GB internet usage, which makes it a total of $77/month not accounting for taxes and other fees. Compare that to a prepaid plan which includes 16 GB per month at $25/month with AT&T. While you may think you’re getting a good deal by bundling with a phone purchase, the reality is you’re stuck on a higher-cost plan. Since the former plan requires a 2-year agreement, you save over $300 by buying a phone outright and a prepaid plan for two years. But, most people don’t have $300 spending available on top of buying a phone. For the record, I don’t use AT&T, but Verizon and T-Mobile have similar plans. I use Mint Mobile, which costs $20 per month with 15 GB of data. However, I pay for a year at $240. Not everyone can afford an upfront fee like that.

Many of these small scenarios add up where people are taken advantage of with financing or limited space where they end up spending more money over time. The author argues that because of this, escaping poverty is more difficult than someone who has already escaped as they have the spending power to make better financial decisions based on future projections.

How does this relate to Buy It for Life?

The cost of a 12oz caffe latte at Starbucks costs $4.95. Many people rely on a morning coffee on their way to work, and for those fortunate like me, before working from home. The average person works roughly 250 days per year, so spending $1,200 on coffee a year is plausible. A fancy Breville Espresso Machine costs about $900 or less on a deal. A bag of coffee can cost about $15 and lasts about 3 months, so add another couple of hundred dollars for oat milk – it’s delicious and more environmentally friendly. Now we have all the ingredients for a latte. After one year the savings aren’t there unless you drink multiple cups a day. Account for this over a span of five years, though, and now you’re looking at saving nearly $900 per year. This is what “buy it for life” means.

Sure, you can buy a used phone at $400 and get another year or two out of it. But, if you buy a higher-end new phone – which is not as environmentally friendly admittedly – for $900, it will easily last 4-5 years. The same can apply to cars: buying a used car for $8,000 is a good price, but it normally isn’t a good value (exceptions apply). When you factor in all the repair costs because you’re driving a car with tens of thousands of miles, you end up spending more money over a 10-year timeframe than if you just bought a new car. Now, dealerships are pushing leasing on people, which means you never own your car and you’re forever committed to monthly payments.

This brings me back to the earlier article on how escaping poverty is difficult. If you only have a small amount of money to spend on cars, clothes, phones, etc. then you’re spending more money over time than buying better quality or things at a better value.

With all of that said, let’s talk about things you can buy for life. Some brands stand out and marketing has led you to think that a certain brand is overly priced, but the reality is that there are times when a high cost is associated with the build quality of the product. This list is pulled from Reddit, ConsumerReports, and my own experiences:

Electronics and appliances:

• Laptop/- Apple MacBook or Sony Vaio
• Tablets – Apple iPad
• Headphones – Sony WH1000XM4 or Bose QuietComfort
• Speakers: Sennheiser, Sony, Bose
• Televisions – Sony Bravia and Panasonic
• Washers/Dryers – Bosch, Miele, and Whirlpool
• Vacuums – Miele, Numatic Henry, and Karcher
• Rice cooker – Zojirushi and Panasonic
• Crockpot – Crockpot or InstantPot
• Espresso Machine – Gaggia, Breville, and Jura
• Other kitchen stuff (i.e. mixers) – Kitchenaid
• Grills – TEC, Ambiance, and Lynx

Clothing – this subject is a bit of a misnomer because no clothes last for life, but these are quality products that will last drastically longer than any brand.

• Shoes – Red Wings, Danner, Birkenstock, or any Goodyear-welted shoes. These can be re-soled. Other sneaker brands that last longer than typical shoes include New Balance, Merrell, and Asics
• Underwear – Duluth Trading Company
• Pants/Shorts – Kuhl, Carhartt, and Duluth
• Socks – Darn Tough Vermont, Grid6, and Smartwool
• Belts – Grid6 for casual, LL Bean, or custom for work
• Coats – Columbia, Patagonia, Kuhl, and Carhartt
• Suits / Dress clothes – anything custom tailored

Other:

• Tools – Makita, Milwaukee, and Ryobi
• Pots and Pans – Hexclad and Lodge Cast Iron (Lodge is actually super cheap)
• Shavers – Panasonic and Phillips Norelco
• Drinking glasses – anything with tempered glass (i.e. Dureplex)
• Cars – Toyota, Mazda, Hyundai

I’ll keep updating this list over time as I discover new things. Keep in mind that there are also some dependencies on you as a user. If you’re not cleaning the espresso machine and properly maintaining it as the manual asks, then you can expect it not to last a long time. This applies to cars, appliances, electronics, and even clothing. They all tell you how to ensure they last a long time, but whether they do or not is up to you.