A study by Sainsbury’s Bank Credit Cards found nearly a third (32%) of UK adults have bought a lower quality item and then regretted not paying more for a product that would last longer.
With two thirds (67%) of people planning to buy a big ticket item in the near future, Sainsbury’s Bank Credit Cards reveals the UK’s ‘False Economies’ - the most common ways shoppers are unintentionally spending more money when trying to save on big purchases.
Respondents admitted they had often paid for costly repairs to fix old or broken items, spending more money in the long run than if they bought a new item upfront.
Nearly one in 10 (9%) people have attempted a DIY project but were unsuccessful and had to pay a tradesperson to finish the job.
As a result people on average typically paid for fixing expensive items such as cars and boilers twice, before buying again.
Jerome Fernandez, head of credit cards at Sainsbury’s Bank, said: “If you are considering significant outlays this year on items that need fixing, it is worthwhile weighing up the initial cost versus any ongoing costs.
“You could save more money in the long run by investing in a new item upfront.
“A 0% credit card, can enable you to pay an item up without having to find the initial lump sum, just make sure you clear the spend before the offer ends.”
In a separate study where the bank asked its customers for their view, 53% said they chose to use credit cards for big purchases.
One in three (62%) also revealed that they would consider a new credit card deal that offers a 0% interest period for purchases.
Financial expert and editor and founder of Moneymagpie.com, Jasmine Birtles, commented: “We all do it.
“We think we’re getting a bargain or being a bit clever with our purchase and then we find that we've bought something that was too cheap and it broke.
“We can’t get it right all the time but if we’re able to take a breath, step back for long enough to think it through (often learning from former mistakes) we can usually work out if it could be better value in the long-run to buy something new.
“If you do end up buying new, usually the cheapest way to do that is with a credit card that offers 0% on purchases as long as you’re absolutely sure you can pay the item up within the offer period.”