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A few years ago, Dan and a research assistant went to a Toyota dealership and asked people what they would give up if they purchased a new car. Almost no one had an answer. None of the shoppers had spent any significant time considering that the thousands of dollars they were about to spend on a car could be spent on other things. So, Dan tried to push a little bit further with the next question, and asked what specific products and services they wouldn’t be able to get if they went ahead and bought that Toyota. Most people answered that if they bought a Toyota, they wouldn’t be able to buy a Honda, or some other simple substitution. Few people answered that they wouldn’t be able to go to Spain that summer and Hawaii the year after, or that they wouldn’t go out to a nice restaurant twice a month for the next few years, or that they would be paying their college loans for five more years.
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