Perhaps because of this dilemma, political people some time target some candidates/parties as 'Vote-Katwa' or spoiler. Sheila Dikshit and BJP too have openly declared that whoever will be voting AAP, will be wasting his vote only. How wrong the people think and how erroneous messages are spread by even seasoned politicians!
It has to be remembered that voting is not only a fundamental right but also a fundamental duty. In exercising such an important Constitutional obligation, one would waste it if he is manipulated by others and not considering their conscious. Let's discuss two examples.
First, let there be two candidates X & Y! One wishes that X should win. But speculation tells that Y would win. Thus he votes to Y against his wish and conscious and finally finds that Y has won. Thus he was satisfied that his vote wasn't wasted. But in doing so he forgets that while coming under speculation, he simply wasted his vote in choosing a wrong candidate. Because many people like him might have voted Y trusting the speculation, though they heartily wanted X to win!
Had they voted X discarding speculations and listening their conscious, the X could have won! This is a proof of how votes can be wasted if one doesn?t trust his own heart and mind and carried away by other's opinion. This also amount to irresponsibility in disbursing a national duty.
In second example, let's address why good candidates are not coming out. It's wrong that there is dearth of good candidates and in fact they are coming to electoral contest too. What they don't have is a political party's ticket. They contest elections as independent. Many know that s/he is a better candidate, but don't vote questioning his/her wining chances. Thus after poll counting when that good man finds that number of votes are very small, the first thing he decides is to quit the idea of contesting.
One can't only vote to a winner. If people find that one candidate is better, they should give their votes. That candidate may not win, but if get some thousand votes, this would motivate him to do more service and contest next time. Voting is also appreciating one's candidature and consent to work hard. Thus if that man didn't get votes, because some people think that giving vote to a better yet no-chance-wining-candidate would be waste, then they really waste their constitutional franchise.
One thing must be remembered. It's our polity, our politics, our vote and our constitutional duty to make our votes count and not waste. Thus as a national duty don't forget to vote and vote as per your independent choice. The day we start exercising our independent opinion fully, the polity would be very different and pleasing!