You can be ripped off at any price level, but you won't get a premium product for budget prices. Reputation and quantification is, of course, key.

For example, the $1200 chair I'm sitting on is unquestionably better quality than the $120 chair it replaced. The $120 chair had no warranty, only the retailer's return policy. The manufacturer of the $1200 chair will gladly send someone to my house for free to replace a squeaky wheel more than a decade from now.