[Arrath]

> ..you should buy the cheapest tool you can find and use safely, use it until it wears out, breaks, or your skill surpasses the capability of the tool..

I wholeheartedly agree with this view, with one caveat. You shouldn't cheap out on certain specialty tools where failure can pose a risk of injury or damage, a suspension spring compressor is my usual example. Fortunately, purchasing an expensive one-off tool isn't your only option! They're often available for rent from local auto parts stores, to keep with my example.

But yeah, besides that caveat, you'll often be better served by going with a reasonably priced tool. If you use it enough to wear it out, or break it, kudos! Time to upgrade.