whitex
Well-Known Member
People tend to value the property they own irrationally and most are completely unfamiliar with (or refusing to acknowledge) the concept of "sunk cost". Someone who paid $150K for P90DL is often not considering that P100DL now starts under $100K. Sometimes they find a buyer who didn't do their homework, but most often they end up not selling their stuff, while getting offended by receiving much lower offers, while their car is devaluing further as it gets older. Then there are people who include all taxes and registration (but conveniently leave out tax rebate) as the "new car price" and price the used car from there, but those are just greedy people. I've seen cars, including Teslas, listed at prices above what they costed after the rebates, but with 10-20K miles on them. On occasion they do find a buyer by the way (rarely, but it happens).When looking at used pricing I think too many are overlooking a 370mile range Raven starts at $80k and that is active suspension AP and still a darn quick car with 3.7 0-60.
Many are still pricing based on what their car cost new ignoring the big swing up in standard equipment and range and big swing down in price.
Rational people know that a car is only worth what someone is willing to pay for it. It is possible to put more work into selling a car, therefore increasing a chance of finding a buyer paying more money, therefore effectively raising the value of said car - but that is not how people think, most people think property has some absolute value for all property somehow, hence all the whining every time prices change and people are all outraged how they paid some amount more just months earlier. ¯\_(ツ)_/¯
This is really evident in stock trading by the way, people holding onto a stock because they bought it for more money and are not willing to take a loss, however when asked whether they are planning to buy more of the same stock they say "of course not, it's down". Why not? If they think the stock will go up, they should buy more, if they think the stock will go down they shouldn't be holding onto the stock they have (yes, there may be some possible tax implications, but in this argument those people are not at all considering those).
Plenty more examples out there of people making decisions with their emotions and feelings instead of rational thought, but I guess that is human nature.