Some tools are much easier to use if you spend more money, I’ve compared a Harbor Freight oscillating multi-tool against a Fein and the Fein is so much more usable due to less vibration in the tool body that the Harbor Freight version is almost useless in comparison.

Air compressors are another one where spending money vastly improves usability, the more you spend the quieter the compressor pump motor is.

Makita’s portaband only lasts ~10 cuts before the blade falls off, Milwaukee’s portaband blades don’t fall off ever. I run electrical work and my guys cost $100-130/hr, I’d rather have them spend time cutting conduit and strut with a functional tool than replacing blades on a cheaper version.

I’ll grant that professional tool and homeowner tool usage patterns differ greatly, but sometimes it is worth spending the extra money.

Very good perspective but I think that there is also a cost or loss of value in the inconvenience of a tool of good stopping its function at the wrong time. The opposite can also be true, that it is sometimes convenient that something breaks down because I actually wanted this new model anyway but could not justify throwing away a perfectly fine good.

That, and the cognitive load. You need to buy the right amount, remember where you stored the $5 replacements, or else spend $100 worth of your time to figure out where you ordered from five years ago. And if they are no longer available you need time to figure out which of the replacements isn't total crap.

Does the tool degrade gradually over time or is it sudden? If the former, you're much better off over the 10 year span with the high quality tool, because the time you spend dealing with its degraded performance is much less. IME it's almost always better to go for a high quality, old, used tool than to buy a low quality new one. Usually the wear parts are replaceable or rebuildable as well.

Your comment is just nit picking. Point was there's a lot of situations where the math hugely favors the cheap tool.

Used tools of the brands that anyone screeching about nice tools would consider to be of repute are going to generally be priced at equivalent to new tools of unknown brand. Specialty tools frequently aren't available on the used market.

Anything that spins or plugs into the wall tends to be finicky after decades of prior owner abuse and if you're not in a commercial setting (and even a lot of times if you are) it makes more sense to just buy new cheap stuff because then using your tools won't be a project by itself.

I've got like three people's worth of used tools from various sources because you can never have too many and I never throw stuff out but they are not the outstanding value the Garage Journal forum or Reddit type "polish my wrenches more than I use them" crowd makes them out to be.

I can't think of a single case where it has actually been true that the cheaper tool was better somehow apart from jackstands. I got some pretty decent 6 ton jackstands from harbor freight. Don't know that i'd actually trust them to hold 6 tons though. Shop press? Not really. Had to put a bunch of time and money into it to make it halfway decent. Should have just gotten a good one. For power hand tools I have all Makita stuff either bought new or remanufactured, wouldn't go near harbor freight for that stuff. My welder is a Miller, wouldn't dream of going with off brand stuff there. Torches however are northern tool (i think?) victor knockoffs which are ok apart from the orings, hoses, and regulators... should have just gone for the quality tool to start would have been cheaper in the long run. My machine tools are all antiques and work outstandingly well. Literally irreplaceable--could not buy something new that does the same job.

I guess all that is to say in my experience the cheap crap breaks and ends up being more expensive either in opportunity cost or cost of replacement/modification.

Depends on the failure mode I guess (if it explodes and hurts you, that could get expensive). Plus, you have to factor in 5 more trips to the store.

Even if it simply damages your work that's a considerable downside.

I do not buy cheap tools unless they are for a dedicated, simple purpose. (Such as the sockets that live in the car to permit me to install a battery.)

This is true, and in general people are usually financially better of getting cheap stuff and replacing it. But a lot of us like getting hobbyist stuff just because it's more fun. I have an expensive espresso machine because it's more fun than a standard breville machine or just making a pot of coffee. It's certainly not more economical, even though coffee nerds will try to convince (rather gaslight) themselves into thinking so.