Do you buy cheap and replace, or spend more for lasting value?

I’ve been thinking a lot about the trade-off between spending less up front vs. buying something higher quality that lasts longer.

For example, I used to buy inexpensive kitchen gadgets that would wear out in a year or two. Eventually, I started spending a little more for better-quality ones that have already lasted me several years. On the other hand, I’ve had “cheap” purchases (like basic storage bins and plain t-shirts) that have held up just fine, so paying more would’ve been unnecessary.

I’m curious how others here think about this balance. What’s your personal rule of thumb?