Do you know the difference between “price” and “value”? Value versus price.
Value versus price–calculate the difference!
The item with the lowest price isn’t always the best value. In fact, it often is not, at least in the long run. This is true whether you’re buying a jacket, a belt, or a lawnmower.
But neither can you assume that the highest priced item is necessarily the best quality or the best value. Although higher price often equates to quality, that isn’t always true. And, there can sometimes be a point of diminishing returns on the high price.
Much of the time, it pays to buy the best quality you can afford, and that fits your budget.
Sometimes, the most affordable in the long run is something that stretches your budget for now. But because it is high quality and lasts a long time, and you use it many times, over time it proves to be a great investment.
The most expensive items you’ll have are those that you got for cheap, and then rarely use. Perhaps because it doesn’t work well, fit well, run well, or look right. Something about it just doesn’t seem right, and you rarely if ever wear it or use it. That, my friend, turns out to be an expensive item indeed.
This principle could apply to many things you buy.
But for now, let’s apply it to the things you wear. Yes, your clothes. Everybody wears them. Everybody has to buy them. The key is to making smart decisions about purchases you’ll be happy with and will make you feel great.
One of the ways to calculate value is to take the price of an item and divide it by the number of times you use it.
So, say you spend $200 on a really nice jacket. Over against the one for $39.99 at the discount store.
The quality jacket will likely last a many years. Say you wear it 40 times per year over eight years. That would be a reasonable expectation. When you really like something you find reasons to wear it. So you got at least 320 enjoyable uses out of the jacket. Maybe more
That means you paid about sixty-two and a half cents per use. And you felt great every time you put it on, getting lots of positive notice (that’s part of “value” too).
Or, say you went with the $40 jacket. It’s ok; you like it but don’t love it. Still, you did pay money for it and so you wear it maybe 40 times over a couple of years. You either get tired of it or it starts to wear out, the zipper gets stuck or you lose a button, seams come loose, etc. So you donate it to the thrift store, and you start over with another one.
You paid $1.00 per wearing, a third again as much per wearing as the quality jacket that you still have. And you didn’t enjoy it nearly as much.
Which one is the better value? Value versus price.
It isn’t even just the matter of cost per item or per wearing.
There’s the subjective element of the way it makes you feel when you have it on. When you’re wearing a really favorite item, and you know you look good in it, you feel like a superhero that can do anything. That feeling is actually worth money too. It is part of the value.
Here’s a real-life example from my experience, one that you may be able to relate to.
For years, I wore cheap belts. Value versus price.
I would get them at places like B-Mart (a discount store here in Oregon). I’d buy them myself or have my wife get them as birthday or Christmas presents. That’s because I would go through about two of them a year. I would often pay maybe $15, and just figure that I’d do it again in six or eight months. For some reason, I thought of belts as a throw-away item, and would invest more on other things instead.
Now understand, they didn’t look terrible. I would try different styles, and often settled on those kind that are that woven leather style, at least for daily wear. They’re real leather, and they look pretty decent when they’re new. But somehow the holes would stretch, or the loop would come apart. I would wear them until they weren’t functional, then just throw them away and get another one.
Do you remember my other article on “7 Tips for Environmentally Responsible Style”? Where I talked about how many cheap clothes we end up cycling out or even throwing away? Yeah, that was me and belts. Not very responsible. But what could I do? I was just used to cutting corners when it came to belts.
A few years ago I decided to spring for something better.
I was in the Cannon Beach Leather shop on the Oregon coast–I like to go in there just for the rich smell. You can actually smell the leather just walking by on the sidewalk. So great.
Their belt rack caught my eye. I could tell by the feel of the leather and the detailing on the silver plated buckle that these were higher quality than what I normally bought. They were about five times what I used to spend, which is still pretty reasonable for what you can spend on a belt, believe me. Plus, they just looked cooler. A hint of a western look, without actually being a “western” belt.
I bought one and have worn it almost every day for the past five years or so. My cost per wearing is way less than the cheap belts I used to get. Plus, I know it looks good, and is going to continue to work for me. Like a quality tool in m toolbox. I can wear it with jeans, cords, slacks, or even a suit. It is one of the most versatile items I own. It no longer looks brand new, but it still looks great. Quality leather wears in, not out. It’s called “patina.”
Speaking of quality leather… (value versus price)
Several years ago I purchased a leather jacket at the same shop. The first leather jacket I’ve had since college. Some would say I’m too old to wear a leather jacket, but I don’t care. It’s a grown-up style that suits me, brown leather and little dressier (not a biker jacket). It looks great with dark jeans and a white shirt. I feel like a movie star with it on (that’s value too).
The thing is, it was a clearance item that they were discontinuing. Normally over $500, I paid just $175 for it. Yeah, that’s still a chunk of money for a jacket, but I’ve worn it for several years, and will probably pass it on to my son one day. It was not cheap, but it was a great value.
In summary…
You may or may not be a “clothes guy.” Whether you are or not, you still wear them and you still have to buy them. From somewhere. I suggest that you put some thought into your purchases, and don’t pick something from the bargain rack just because it is cheap. Learn to identify a quality item, so that you can save money when you find it on sale (like I did my leather jacket). You may spend more up front for some quality items even on sale, than you would on lesser quality for regular price. Maybe quite a bit more. But think in terms of value–how many uses you’re likely to get from something that’s quality and that you really like. You’ll wear it for years. And feel like a superhero who can do anything 🙂
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