This is the kind of useful thing America’s Test Kitchen usually keeps behind a paywall or buried in Cook’s Illustrated: whether it’s ok to buy a cheap nonstick pan. The answer is yes, and definitely get rid of your old one as soon as it starts peeling.
They do point out that if you have an expensive one, it probably has a lifetime warranty, which would make the price worth it. I wish I had thought of that when I got rid of my toxically peeling All Clad two months ago.
But you can read the results for yourself right here on their all new internet hang out—the cleverly named Feed. I love the layout and how much content they’ve packed in, including lots of the esoteric that is usually just in Cook’s Illustrated.