Car purchasing

Decoy Effect

Decoy Effect

Recognizing the decoy effect can help you make more informed decisions when comparing vehicles, by focusing on the features that matter most to you.
Anchoring

Anchoring

Avoid being influenced by the initial asking price and do your research to find the true value.

Similar Situations

Occam's Razor

Occam's Razor

Car maintenance: A car not starting might be due to a dead battery rather than a major mechanical problem.
Halo Effect

Halo Effect

Evaluating products: Recognizing the halo effect can help you make more objective purchasing decisions, without being swayed by brand reputation.
Confirmation Bias

Confirmation Bias

Purchasing decisions: Awareness of confirmation bias can help you make more objective choices when comparing products and services.
Framing Effect

Framing Effect

Purchasing decisions: Understanding the framing effect can help you evaluate products and services more objectively, regardless of how they are presented.
Loss Aversion

Loss Aversion

Purchasing decisions: Recognizing loss aversion can help you avoid overvaluing items you own, leading to more objective evaluations of whether to replace or upgrade possessions.
Sunk Cost Fallacy

Sunk Cost Fallacy

Purchasing decisions: Recognizing the sunk cost fallacy can help you avoid buying unnecessary items or upgrades just because you've already spent money on related products or services.
Decoy Effect

Decoy Effect

Purchasing decisions: Understanding the decoy effect can help you make more informed choices when comparing products or services by focusing on the features that truly matter to you.
Hedonic Treadmill

Hedonic Treadmill

Purchasing Decisions: Realizing that buying new items (like clothes or gadgets) brings temporary joy can help you prioritize experiences or investments that offer long-lasting satisfaction, like travel or learning.
Correlation-Causation Fallacy

Correlation-Causation Fallacy

Purchasing decisions: Knowing the correlation-causation fallacy can help you make more informed choices when buying products or services, considering multiple factors that may contribute to observed correlations.
Clustering Bias/Illusion

Clustering Bias/Illusion

Purchasing decisions: Recognizing clustering bias can help you make more informed choices when buying products or services, without assuming that a series of positive or negative reviews indicates a pattern.