Refills are cheap IF :-
1) They produce print quality good enough for whatever you are printing, and
2) They don't leak and wreck the printer.
For home use, I buy manufacturer (HP) originals, personally. Yes, they are expensive, but with my level of usage, I don't look at it as £60, but £60 over a year or two, so something between 57p and £1.15p per week. And for the peace of mind, it's worth that and more. Also, it's not that the printer was expensive (at £130 IIRC) but that by the time I'd added extra memory and extra paper trays, the cost had gone up quite a bit and I'd got a machine doing EXACTLY what I wanted of it, and I fancy neither the cost nor hassle of replacing it until/unless it dies on me. I have no desire to risk hastening that day, hence being prepared to pay for peace of mind.
And of course, that cost per week is the entire cost of the printing. If I buy refills, it'll still cost me about half of that, so the saving would be about 30p to 90p per week. I'm a bit tight with money, but even I'm not that bad.
Also, when I do print, some is for internal or domestic use, but some is for customers (home office) and there, print quality really can't afford to be risked.
I utterly endorse Gonzo's remarks about the risks of refills, etc, BUT in the OPs case (if he hadn't replaced the nachine anyway) it's a case of risk versus saving. For me, the saving doesn't justify the risk, or loss of peace of mind, but for anyone else .... YMMV.