You may have a number of reasons as to why you think cheap wine is better than the expensive stuff. Or maybe you prefer $100 bottles of bordeaux. There’s a scientific reason for each and, believe it or not, it has little to do with the taste.
The price of wine has very little to do with the taste. In blind taste tests, expensive wines are rated as well or worse than their cheaper counter parts. In fact, the mid-range wines (~$20) were rated as the best wines in blind taste tests. But once you let people know the price point of their wine, they immediately rank the most expensive wines higher, even in studies where they add bad flavors to the pricier wines.
So, does price effect taste? Yes and no. But if it were up to your wallet and tastebuds, you would only drink cheaper wine.