Are newborn clothes a waste of money?

So I have bought very few newborn clothes because I personally feel like it's a waste of money. The clothes I've bought a lot of are 0-3 months and 3 months clothes, I plan on using these when my baby is born and obviously until they stop fitting. Usually newborn clothes go up to only about 7 or 8 lbs so I figured my baby would be born around that weight and it would be better to go a little bigger than a little smaller 0-3 moths are usually 7 or 8 lbs - 12 lbs so it felt more useful to me. However I'm a new mom and wanted to get other moms opinions.