What happens if your 2003 Toyota Camry with 108,000 miles breaks down and your mechanic tells you it will cost $750 to fix. Likely you’ll say “go ahead fix it”. But what if he tells you it will cost $3,200? Most likely you’ll decide to look for another Toyota Camry — if you have been satisfied with the current one. If you’re in the habit of buying cars new — and you can afford one now — that’s what you’ll do. If not, you’ll buy a used one that is in your price range. This thought process likely took you very little time and was not a ‘hard’ decision to make.
You likely did not think about:
- Whether another make, like Ford or Honda, would be better
- Whether you could get by with a smaller model Toyota — or a different style Toyota
- Whether you should buy or lease the car
- Whether your transportation needs could be satisfied by the new “car-sharing” services — or public transportation
Why is it that we don’t very often think about other possibilities? Because it is EASY to take the same action we have done in the past. Saves time and saves effort and saves anxiety. So there really are good reasons for following the same path.
Is it good or bad that we so often rely on the easy path in making our decisions. Well, it depends on the CONSEQUENCES. If there is very little to be gained or lost by having made a ‘better’ decision, then taking the easy path was a smart decision. The next post will deal with consequences.