https://heavymetal.money/cost-of-ownership/
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When shopping for things we often talk about the cost of something… but really what we are doing is comparing the Price. It’s interesting, the price is what we pay for a good or service, while the cost can be the actual or perceived value over time, of the lifetime of the product or service we are exchanging for money.
A car is a very good example. The price of a car may be a particular amount. However, the cost of the car also includes the registration, insurance, repair and ongoing maintenance, gasoline to get around… These are things that someone can factor into the total cost of ownership.
There are many other examples, like appliances. Let’s compare two washing machines. One machine has price of $400, while another has a price of $550. The model with the higher price, may have a much lower repair rate. It may also be more energy efficient, and use much less water.
Sometime the value can be convenience, or comfort that you get for what price you have paid. I’ve used this example before, but it’s a great illustration. I do value my time and convenience, so I elect to pay for Clear to breeze through Airport security and not wait in line. In this case the price I pay has a value to me.
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