Can you name a cheaper tool that can save you more time and money than a telescopic magnet? I have a couple with two different size magnets and feel sure I didn't much more than $5 for either of them. I don't use them often, but there is nothing that works better at retrieving nuts, bolts, and other small pieces of metal that have fallen into places where they are otherwise extremely difficult to reach.

This morning I had to replace a stripped lug bolt from the rear hub of my truck. Knocking the old bolt out turned out to be a piece of cake. However, I had to gasp for a second when it fell back into the brake assembly. Without a telescopic magnet, I would have had to disassemble the brake to reach it. It took all of ten seconds to remove it with the magnet.

There's always a trick when it comes to working on vehicles. For this job, I found the trick is to position the hub so there is maximum clearance behind the lug you need to replace. Doing so provides more clearance to position the new bolt in place.

Yup! Got mine at Harbor Freight, a big one and a little one. That was money well spent.

Church key for the win....what do I get?

Piece of wire clothes hanger and a small wad of duct tape.

Done.

Very limited lifespan. A telescopic magnet lasts for forever and keeps on working.

Magnet has very limited material applications.
Tape will pick up most things.

Hell just put some tape on the end of your magnet
and I’ll have no more argument.

Just trying to move this along.

Magnets are great. I also use one of those things you push the button and 3 fingers come out and grab the part.

Magnets and claw extractors work great.

So do church keys...I still have a few from my time in Germany....

Couple months ago my wife locked her keys in the car running in the driveway before work. 20 minutes later and little bending on a coat hanger I had it open, no damage to the vehicle. I kept the clothes hanger on the top of the shelf in my shop in case I need it again.

Yeah, OP was about cost and time which to me includes versatility.

Wire clothes hanger is the clear winner.

Add a little wooden wedge next to your coat hanger. When I locked the keys in my truck one afternoon at the office, that's what the pop-a-lock guy used. Wooden wedge between the glass and door panel, and a coat hanger. I was surprised it literally took him about 10 seconds to get my door unlocked.

Leatherman WAVE+

On my belt every day. The bit kit is in my hunting/shooting pack.

Saves me a bunch of walking to a toolbox.

Bought one of these to plant various plants with my DeWalt drill. It made 100x the money just this past weekend when I planted 800 liriope for a customer.

A second vote for the Leatherman. Have to have it.

A hammer?

A single roll of toilet paper vs a corn cob. You have to clean the corn cob.

A good hammer usually costs significantly more than a good, telescopic magnet. Besides, any shade tree mechanic knows there are other tools that can used as a hammer.

Also, duct tape must be replaced whereas a magnet takes many lifetimes to loose its magnetism. A telescopic magnet also packs and travels very nicely. A coat hanger doesn't.

A telescopic magnet is practically useless for any other reason other than for what it was designed to do. While you'll never be able to drive nails or straighten metal with it, you'll also never be able to get those tools to perform the same task as a telescopic magnet.