I think I've mentioned this before but, we had a saying at one of the rope access companies I worked for in the 80's;
Vile Emptum Bis Emptum (pardon my poor Latin)
The translation went something like, 'Buy cheep, buy twice'.
After getting through 3 x cheep ratchet spanners on one job Steve Thomas took the executive decision to buy a new Snap-On spanner. It didn't go down very well when he put his expenses claim in but it was still going strong 15 years after he bought it and I wouldn't be surprised if it isn't still in use today.
I have a Rab bivvi bag that I bought in 1992 which is still going strong, despite some abuse. The 2 x Patagonia waterproof jackets that I bought in Dublin in 2002 are as good today as the day I bought them.
As wormster says, not everyone can afford to buy top notch but, as soon as you can afford it, buy it, you will (usually) never look back.