selling a car
You are selling your 1996 Mustang. You have already spent $1000 on repairs.
At the last minute, the transmission dies. You can pay $600 to have it repaired, or sell the car “as is.”
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In each of the following scenarios, should you have the transmission repaired? Explain your thoughts in either case by posting a comment or a response to a comment.
A. Blue book value (what you could get for the car) is $6500 if transmission works, $5700 if it doesn’t.
B. Blue book value is $6000 if transmission works, $5500 if it doesn’t.
Next, provide an example of a real life trade off that you might have faced and try to put some dollar numbers to measure the costs and benefits of the tradeoff.
