Cost is almost entirely unrelated to why I prefer to use carry-ons. If it was only a matter of waiting at the destination, I probably would check my bags. But checking a bag comes with the risk that:

- It could get lost

- I could miss a connection for any reason and thus be separated from it

- It could get damaged by airline employees not paid enough to care

- It could be stolen or have items stolen from within

Altogether, these risks are way too high for me. So I have a backpack that's as big as they'll let me carry on and try to never pack more than what fits inside. The only time I'll check a bag is if I'm bringing something that I can't take through security or if I absolutely need to bring a bunch of luggage. In that latter case I keep the most important stuff in my carry-on.