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What are some things you can/should cheap out on?
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Things which are commodity items, such as sugar, all-purpose flour, etc. I buy store brand. The main difference is marketing.
Oh, here's one: Power tools. Yeah I know, I know. But...
here's a Porter-Cable branded 6-inch jointer on sale for $365 at time of writing.
Here's a Craftsman branded jointer being sold for $299.
Here's a Wen branded jointer for $241.
Look at the three of them. They bear a striking resemblance, don't they? Makes sense for the Porter Cable/Craftsman ones, both brands are currently owned by Stanley, Black and Decker...but Wen has nothing to do with them, yet they're selling the same fuggin' jointer. Admittedly without the speed control, but what do you need a speed control on a jointer for?
It's the same tool made in the same factory in China, the cost difference is what logo you're willing to pay for.
At minimum the cheap ones have lower QA tolerances on components. Sometimes they straight up swap in shittier components (eg: plastic instead of metal, etc).
Not saying you always need the most expensive option when choosing power tools, but looks same != same.
I agree. For power tools, especially where decent accuracy is key like it is with a jointer, definitely more of a "do your research, price is not equal to quality," not "you can do fine with any cheap one."