I am with you on "you get what you pay for" - up to a point. Above a certain price point, you are buying bling and status, not significant utility, at least for most stuff.

In most products, you begin with super cheap and in this price range, you typically acquire junk. You are truly throwing your money away. As price increases, you find products that are quite useful and offer good value. Increase the price still more, and the small increase in utility does not match the ever higher price, except possibly for a very small number of purchasers. Eventually, any increase in utility is hard to see as prices soar into the stratosphere..

This kind of relationship can be seen in knives, firearms, watches, wine, (but not women, of course) - you name it.