Car purchasing
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
Avoid being influenced by the initial asking price and do your research to find the true value.
Similar Situations
Occam's Razor
Car maintenance: A car not starting might be due to a dead battery rather than a major mechanical problem.
Halo Effect
Evaluating products: Recognizing the halo effect can help you make more objective purchasing decisions, without being swayed by brand reputation.
Confirmation Bias
Purchasing decisions: Awareness of confirmation bias can help you make more objective choices when comparing products and services.
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
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
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
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
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
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
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.