VolvoMo, from your OP....are you looking to justify a decision one way or t'other, I wonder? Would be understandable if so, as all decisions about our LOs education are hard, it seems to me.
FWIW (and I don't think it will be worth very much, because I think it depends on the individual child, schools available, family ethos, etc etc) we can afford private education but - having looked at two independent schools and two state primaries locally - chose a state primary. No regrets, dds now in Y4 and Y1.
We didn't choose in order to save money for Uni, or for lifestyle, or anything else. We chose based on what the schools had to to offer, which - for us - included looking at ethos, social mix, pastoral care as well as quality of teaching and learning. The one we liked the best happened to be a state primary.
I don't yet know what we'll do at Secondary level, which is a whole other ball game in terms of local choice. But we will probably offer dd1 some private tutoring for NVR and VR, which are not taught at her primary, so that she has a chance of choosing which secondary she wants to go to.