Some of it comes with the name, some are designed from better materials, and there are a lot of nuances that are different between guitars that you may not notice makes one better than the other even if you've been playing for years. Pick what sounds (and looks, if you're concerned about that) good for you and don't buy a $700 guitar just because of the price tag.
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Studies show that when a given norm is changed in the face of the unchanging, the remaining contradictions will parallel the truth.
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