THE COLOR OF MONEY
Sometimes purchasing top-of-the-line product is the smart thing to do

By Michelle Singletary

WASHINGTON — I've been dreaming of a dryer.

It's not just any clothes dryer. It's the upscale Maytag "Neptune Drying Center."

It's not like me to want to go high-end. I'm the kind of girl that won't let my husband put to rest our 20-year-old VCR. It's so old the remote is attached to the machine by a long black wire — you can only sit a certain distance from the television if you want to change the channel.

I have a microwave that is old as dirt. My husband keeps begging me to upgrade to a newer model that has lots of fancy settings — like one that can pop your popcorn without having to guess the right popping time. So what's wrong with me? Why am I obsessed with the Neptune, which retails for an eye-popping $1,200?

Well, according to a survey by Boston Consulting Group (BCG), I'm not out of my mind (although that is crazy money for a dryer). The fact is a lot of consumers are willing to spend big dollars to buy quality items that have features they care about.

For example, some consumers are buying higher-priced front-loading washing machines because they use less water and energy and can cause less damage to clothes.

Sixty-seven percent of people making $50,000 or more in yearly household income said it's worth paying more for certain premium quality products because that's a smarter way to spend money, according to the BCG survey.

The management consulting firm says there's a trading-up phenomenon going on. In its survey, which was conducted last year, BCG found that 90 percent of the consumers were willing to pay more for a premium-quality major appliance.

And the BCG survey found that 68 percent of consumers said that when they buy a high-end product, they "feel a sense of accomplishment and even excitement." Sixty-seven percent said owning a premium brand or high-quality products is "one of the ways I reward myself for working hard."

That's how I feel about the Neptune (please, fellow penny pinchers out there, don't throw me out of the club just yet).

I think this Mercedes-class dryer could be worth the high price tag. Maytag's Neptune Drying Center pairs a traditional tumble dryer with an upper drying cabinet that the company promises will minimize shrinkage, speed up the drying process, reduce wrinkles and eliminate odors — saving me time and money.

I want all those features. I'm tired of trying to find places to hang my delicate clothes, some of which take days to dry. I've ruined any number of items by tossing them in the dryer even at the lowest heating level.

I hate doing laundry. So if this machine will make it significantly easier to dry my clothes, I'll show Maytag my money.

But I suggest that before you buy a top-of-the line appliance, spend some time thinking about whether what you want is really worth the money.

Here are a few of my own recommendations:

• Write down the features you wish you had in the appliance you want to replace.

• Keep track of the times you feel frustrated that your current low-tech or discount appliance doesn't do what you want.

• Call yourself a timeout before you buy anything. Mull over the decision. I've been thinking about buying the Neptune dryer for a year.

• Don't believe all the hype. A manufacturer's promotional pitch always sounds great. Keep in mind that all that's pricey isn't necessarily good.

During my research, I've found a number of consumer Web sites where people were complaining about the Neptune washer. Even though I'm interested in the dryer unit, I had considered buying the matching washer. Now I'm not so sure, which means I've got to do more research.

• Buy what you can afford (really). If, by buying a high-end appliance, you have to incur more debt, you need to stick to lower-priced products. Many of them will still get the job done.

I don't think it's outrageous to go high-end for the item you really want, as long as you continue to bargain-shop for other things that aren't so important to you.