A survey conducted by OnePoll for e-tailer Slickdeals revealed consumers in the United States are willing to pay more than twice the sticker price for products that last at least 20 years.
In response to the survey, 67% said some things are always worth paying more for, provided they last longer than average. Respondents were particularly looking for longevity from cars, by 34%; kitchen appliances, by 34%; cookware, by 30%; TVs, for 28%; and phones, by 26%.
On the other side of the coin, 63% of respondents said they had been burned by buying a cheap rather than a quality model product.
The survey indicated the average person holds onto their oldest owned items for 15 years. The top oldest-owned items used daily include phones, for 25%; cars, for 13%; and watches, for 8%. When it comes to older possessions, 71% of respondents said they provide the maintenance needed to keep long-held items in working order.
Just shy of half of respondents said they own an item they are sentimental about and hope to one day pass it down to future generations, while 57% of participants base the value of their longest-held items on sentimentality rather than cash worth.
Results also showed that 77% of consumers surveyed bought lifetime-warranty-backed products over alternatives strictly because of the warranty. That said, 32% of lifetime warranty holders have never resorted to them.
“A cheap upfront cost does not always mean you won’t end up paying for it later,” said Louie Patterson, personal finance manager for Slickdeals, “The concept of buy it for life can be a valuable one. Investing in a higher-quality item can ultimately save you on replacement costs, as well as the time and energy spent researching and shopping for a new item.”
