This is a question that many of us run into.
Another thought, one that my dad regularly bring up, is the fact that when you need to use something, you want it to work. A big difference from a low priced machine to high priced can be reliability, not just longevity.
In other words, I had a Kubota tractor with many many many hours on the clock, the machine was over 30 years old. She started every single time, not matter what, she started and worked as intended every single time.
A lesser quality machine can tend to have many little problems, nothing maybe over significant, but that day, when you are in your going to work clothes, and in a rush and just want to jump on and get something down, is the day that less expensive machine will not start, or run into some other problem.
I used to buy Chinese tools, super cheap and did the job, until the time, in dead of winter, trying to change plow blade cutting edge in the snow, when the impact socket split up the middle. Now back to only craftsman tools. I would've gladly spent double the $50 difference that night to not have that socket split.
I've probably been as clear as mud.
Joel