Yup.. of course everyone has their threashhold where the higher prices become acceptable. The £297 might not be a whole to you in absolute terms, but it's still a hike of around 55% (again ) over the cost of the 105 and a good wedge towards other components (such as wheels) that would potentially give much greater performance gains.I literally just read this article
You can tell that the difference between 105 and Ultegra is not that big and also you can tell that many riders prefer to save some bucks and buy 105 because the difference in prices between the 2 groupsets keeps reducing in total terms (or, to be put in another term, people keep choosing 105 so its price is holding up slightly better than the ultegra one)
I'm looking on wiggle for the a head to head price comparison between 105 and Ultegra (same specs)
105 R7020 = £550
Ultegra R8020 = 847
Difference in this case is "just" £297
I think for me £300 of difference is still making me sway towards the 105, but if the difference keeps reducing to say £200, that's when I'd pick the Ultegra.
FWIW I'd agree with you (and most others) that the 105 seems like by far the most sensible option
EDIT: If you want to save another 10% it might be worth looking at an alternative rear cassette (if you've not already) - CRC list the R7020 at £500-550; the 11-28 and 11-32 cassette options being £50 less than the 11-30. Further, you could then buy the 11-30 separately from the same source for only £35 (still saving £15 and essentially getting a free cassette) and keep the less desirable size as a spare / flog it for a bit of money back / post it to me
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