How do you define value?

[ballcap]

I've been thinking about the value of things I have. Rarely are the least expensive things I buy the ones that give me the best value. Since value can mean different things to different people, I'm just curious how everyone here defines value when making a purchase?

[yellowpen]

Value for me is the amount of time something saves. I will pay a lot for something if it frees up more of my time to do other things.