As the owner of a 14" er I can totally attest that 14 inch shoes are more spendy than 15's or 16's.... I am moving up to 16's myself, but that was more luck of the draw on what wheels became available to me than any great choice.
Did that on my 84 Ranger. 14" to 16" wheel, with same diameter tires. Can't recall the actual size. Thinking it was 225/70R14 to maybe 225/60R16.
IMO it was an improvement all around. Better handling, better performance, and didn't sacrifice ride quality.
I'll agree with others statements about sidewalls. I will note that on my 2011 Kia I did experience sidewall issues. It came from the factory with 17" wheels, 45 series tires, and was bad about puncturing sidewalls. Three of them in the first 10k miles. Come to find out that Kia speced a cheap tire from Goodyear that was made for them. The equivalent Goodyear tire from a tire shop had a stronger sidewall. Third sidewall puncture damaged a wheel and aftermarket were cheaper than a single stock. The new non-stock tires never had another problem with sidewalls, but I did start damaging wheels on the same kind of hits that previously took them out. If I'd still be on factory wheels, I don't think the wheel would have happened. If I'd stepped up a size on tire width with the aftermarket wheels, I don't think the damage would have happened. If I'd had a better quality aftermarket wheel, I don't think that the damage would have happened.
Next time I needed tires, I dropped back to a 16" wheel and went up a size in sidewall. Ride didn't change. Handling didn't change noticably, but I don't track drive and we're talking 4" sidewall vs 5" sidewall. I haven't had any wheel or tire issues aside from acellerated wear due to my driving habits.
And the one issue I don't understand is that heavier wheels decrease fuel economy.
Lots of factors to consider around the move to larger diameters. Heres a few thoughts on that one.
Yes, the wheels may be heavier, but that can vary alot by wheel design. A larger more open design may weigh less than a smaller more solid design.
The increased weight of the wheel, may be partially offset by reduced weight of the tire.
Reduced sidewall is going to result in reduced tire deflection, and as a result lower rolling resistance. Lower rolling resistance of tires could potentially increase fuel efficiency more than the added weight decreases it.