“Buy once, cry once” as they say. I’ve found it a good rule but one I must apply very selectively. Knowing where to spend on quality and where to make do with junk is a bit of an art in itself, I believe.
There are a ton of tools in my garage I have only used once or twice. They're closer to the junk end of the scale and that's just fine. Even at that quality level, it might take me another 20 years to wear out or break them.
You can only bust your knuckles so many times on a cheap ratchet, though, before it just isn't worth it. Cheap blades that snap and chip are terrible too.
Sometimes the price is a complete lie too. The more I think about it, the harder I realize this is.