BIFL community walks a tricky line between "good value" and "status symbol" goods, sometimes.

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My interpretation of an ideal BIFL item boils down to this:

-The item costs you more in the short term, but you are saving money/avoiding waste in the long run.

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For instance, quality boots which can be resoled repeatedly and last much longer than cheapo's, are a great BIFL. Stuff which is modular, and allows for self-repair with low cost, commonly worn sub-components are great for this.

On the flip side, rare/elite goods sometimes have a cost well beyond what most of us would ever spend in their entire lifetimes on moderate quality alternatives. Such things have allure for enthusiasts, in part because the detailing brings them joy, possibly beyond the raw utility of the item.

Also, if an item dramatically changes your behavior such that you have to be really cautious or paranoid of people borrowing, stealing, damaging or losing the item, I feel like those aspects need to be considered too.

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Stuff like Montblanc or Rolex can be fine items, but sometimes a LAMY or Casio will suit the needs of many as a durable value.