As a retailer of bookbinding tools, I cannot recommend too highly the fantastically excellent advice of Carl Richards. In his NY Times article, “The Financial Benefits of Buying What You Love“, he lays out a strong case for buying what you really want, rather than settling for a cheaper option. It is not too much different than the old adage, “Buy the best tools you can afford”.
Seriously, though, I think almost every time I have not heeded this advice for a variety of rationalizations — the tool is too expensive, I’m not going to use it that much, I don’t need something that good, etc… — I have regretted it.
As his napkin illustration summarizes: you buy it, you love it, and you keep it. And even if you fall out of love, you still have something of value to resell, rather than more garbage.
Peachey Conservation 
I completely agree. I have never regretted buying a good tool. Usually, when I have finally purchased it after lengthy procrastination —I wouldn’t use it that much, etc.— I have kicked myself for not buying it sooner.
Every word of this. I think some of my bookbinding tools (and even some of the materials) have even gone up in value since I’ve acquired them.
Yea, I have an old Dryad “Amateur” finishing press that sold for around $20, now easily $100.