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As others have said, you yourself are the best judge of how much something is worth to you. If I'm only going to use a 10 mm wrench a few times, why go and buy a Mac or Snap-On wrench? I'll go to Wal-Mart and pick one up for a tenth of the price, and it will suit my needs just fine. However, if I'm working with tools every day, then I will spend the extra dollars on ones that I know will last and there will be no questions if and when warranty issues come up.
When I'm shopping around for something, usually big ticket items, I lean toward the place that gives me the best service and know what they're talking about, even if they're a few dollars more.
AS others, it depends on the item. A Wally World rain suit works just as well as an HD rainsuit. If it keeps me dry, I 'm fine with it, but bust your knuckles on some Buffalo Neck off brand crap tools or round a bolt off because they didn't fit right and you'll understand why I buy good lifetime warranty tools. Pay once and you're done. I try to buy good chrome and run good tires. I am not running any Korean or Chinese tires on my bike.
I also agree with the customer service angle. If a local indy does my work, fixes my bike right for a fair price and gets it back both when he said he would and in a timely manner, I'll do business with him, even if he is a little higher than the next guy. Also don't rip me off. If I put new brake pads on last week , chances are I don't need new ones this week.
If you trust the quality of the "cheaper" item, then go for it......I've gone the route of cheaper parts and regretted it later with the poor service from the vendor who I bought it from......
7 Surprising Harley-Davidson Products that Are Not Motorcycles
Slideshow: The bar-and-shield logo shows up on far more than motorcycles, some of the company's most unexpected products have nothing to do with riding.
Slideshow: From the troubled AMF years to modern misfires, these bikes earned reputations for reliability issues, questionable engineering, or disappointing performance.
Crazy Bunderbike Build Looks Amazing, But Is It Impossible to Ride?
Slideshow: The Swiss custom shop has taken a Harley Softail and stretched it into something so long and low that it looks closer to a rolling sculpture than a conventional motorcycle.
Engraved Rebellion: Inside Bundnerbike's Glam Rock II
Slideshow: A standard cruiser becomes an intricate metal canvas in the hands of a Swiss custom house known for pushing Harley-Davidson platforms far beyond their factory brief.
Slideshow: Harley-Davidson's challenges aren't abstract; they show up in dropping shipments, shrinking dealer traffic, and strategic decisions that aren't yet translating into growth.