I understand what you mean about buying mid-range appliances. My requirements are: does it do what I want it to do; does it have a good track record on repairs; is it easy to use; and can I afford it?
When it comes to quilting, I tend to be a little fussier, believe it or not. I believe in quality -- not just highest price -- in my tools. Yet I'm frugal as well, and I do that with sales. For instance, I just found my favorite brand and type of sewing machine needles - the ones I use all the time - on a fabulous sale - 75% off - Gasp! - so I bought 100 needles. That will last me at least 2 years. There was a big sale on Olfa 45mm rotary cutting blades -- 60% off - so I bought 50 blades. Big one time investments. Means I can't, for example, buy fabric this month. But then I won't need to buy needles or blades for the next two years or so. Unless I need a special needle, something like that. So I always keep a "stash" of cash for these kinds of sales so I can stock up on the quality items I know I'll both need and use when they go on a crash sale. It saves me big time, with the prices going up all the time, and I'm not forever running out of things. People have been surprised by this -- the same people who wouldn't be surprised to find a basement stuffed with a fabric stash! Same thing, just different items. LOL!