Daftest stuff said on PH which isn't really true
Discussion
julian64 said:
This thread is about stuff that gets said regularly on PH as if the poster thinks its an undeniable truth. When in reality when you think about it there is little sense in it
I nominate "something is worth what someone is prepared to pay for it."
Its been said on numerous watch threads when people comment on the price an expensive watch. Its been used a few times on the Ferrari GTO thread that's currently running, and almost always appears on any thread to do with the sale of paintings, and multiple times in past threads. People use the phase as if its an unassailable fact.
But is it? When I think about it the phase seems to be one of the daftest things its possible to say.
Personally I've just bought a bicycle brand new for 2.5K. Its probably worth half that when its delivered to my front door and worth even less the minute I ride it. Nothing has actually changed on the bike throughout that time, its still the same bike it was in the showroom. The truth is that was only worth that price to me at the time I bought it and I wouldn't expect anyone else to buy it off me for the same price even if it was still in its wrapping.
Take any auction. If I was completely bonkers and went into an auction I saw some beaten up mini rusted through being pushed onto the stage with a guide price of £200 and I immediately bid £10K its doesn't make the car worth that because I paid that money for it.
There are probably many other examples where probably only two or three people i the world would regarding something as having a high value when the rest of the world would call them crazy. And the thing I hate most about the saying is it assumes if a few people are being nutters we all have to regard what they are doing as valid and sensible.
Interesting question, but I think the statement is true. Its entirely a question of opinion.I nominate "something is worth what someone is prepared to pay for it."
Its been said on numerous watch threads when people comment on the price an expensive watch. Its been used a few times on the Ferrari GTO thread that's currently running, and almost always appears on any thread to do with the sale of paintings, and multiple times in past threads. People use the phase as if its an unassailable fact.
But is it? When I think about it the phase seems to be one of the daftest things its possible to say.
Personally I've just bought a bicycle brand new for 2.5K. Its probably worth half that when its delivered to my front door and worth even less the minute I ride it. Nothing has actually changed on the bike throughout that time, its still the same bike it was in the showroom. The truth is that was only worth that price to me at the time I bought it and I wouldn't expect anyone else to buy it off me for the same price even if it was still in its wrapping.
Take any auction. If I was completely bonkers and went into an auction I saw some beaten up mini rusted through being pushed onto the stage with a guide price of £200 and I immediately bid £10K its doesn't make the car worth that because I paid that money for it.
There are probably many other examples where probably only two or three people i the world would regarding something as having a high value when the rest of the world would call them crazy. And the thing I hate most about the saying is it assumes if a few people are being nutters we all have to regard what they are doing as valid and sensible.
Your £2,500 bike to a non-enthusiast would seem a ridiculous sum, when you could buy a perfectly good bike from Decathlon for £250. Indeed, were you to ride the two bikes, I bet you would be only fractionally faster on your fancy bike. The non-enthusiast would regard you as a nutter.
You are prepared to pay £2500 for the bike so its absolutely worth what you are prepared to pay. Similarly, if you'd looked online and found your bike for sale second hand for £2500 would you have bought it? If you saw it advertised at two shops, for £2,500 and £3,000 which one would you buy?
So whats it worth? All together now... "what someone is prepared to pay for it"
Getragdogleg said:
GetCarter said:
Purosangue said:
cadence braking
Used to do it all the time in my Caterhams. It's real, but only when you know what you're doing in a car that needs it.
Robertb said:
Interesting question, but I think the statement is true. Its entirely a question of opinion.
Your £2,500 bike to a non-enthusiast would seem a ridiculous sum, when you could buy a perfectly good bike from Decathlon for £250. Indeed, were you to ride the two bikes, I bet you would be only fractionally faster on your fancy bike. The non-enthusiast would regard you as a nutter.
You are prepared to pay £2500 for the bike so its absolutely worth what you are prepared to pay. Similarly, if you'd looked online and found your bike for sale second hand for £2500 would you have bought it? If you saw it advertised at two shops, for £2,500 and £3,000 which one would you buy?
So whats it worth? All together now... "what someone is prepared to pay for it"
Your £2,500 bike to a non-enthusiast would seem a ridiculous sum, when you could buy a perfectly good bike from Decathlon for £250. Indeed, were you to ride the two bikes, I bet you would be only fractionally faster on your fancy bike. The non-enthusiast would regard you as a nutter.
You are prepared to pay £2500 for the bike so its absolutely worth what you are prepared to pay. Similarly, if you'd looked online and found your bike for sale second hand for £2500 would you have bought it? If you saw it advertised at two shops, for £2,500 and £3,000 which one would you buy?
So whats it worth? All together now... "what someone is prepared to pay for it"
Oh I'm gonna be substantially faster on the new bike being as it has an electric motor... Edited by julian64 on Wednesday 15th November 16:29
Enzo Ferrari said “The e-type Jaguar, is the most beautiful car ever built”. Has often been quoted on PH, Top Gear, as well as many other motoring platforms.
But there is no evidence of him actually saying this, is it just seems motoring myth. Being fair, the e-type is a legend in its own right. Norman Dewis, drive to the 1961 Geneva motor show.
But there is no evidence of him actually saying this, is it just seems motoring myth. Being fair, the e-type is a legend in its own right. Norman Dewis, drive to the 1961 Geneva motor show.
I do see a lot of posts on owners pages on Facebook where someone posts a description and photos of something they own looking for a price to sell it. Some idiot always pipes up with "It is only worth what someone is prepared to pay for it" - whilst we can agree that is true it is completely useless to the the thread and should only be used as a caveat to any value they predict.
Tam_Mullen said:
essayer said:
The driving other cars entitlement on your insurance requires the other car to have insurance
That is exactly what my insurance wording says, I just checked it, are you saying its wrong? I had best let them know! I have had insurance where it was a condition, and also insurance where it was not...
julian64 said:
This thread is about stuff that gets said regularly on PH as if the poster thinks its an undeniable truth. When in reality when you think about it there is little sense in it
I nominate "something is worth what someone is prepared to pay for it."
Its been said on numerous watch threads when people comment on the price an expensive watch. Its been used a few times on the Ferrari GTO thread that's currently running, and almost always appears on any thread to do with the sale of paintings, and multiple times in past threads. People use the phase as if its an unassailable fact.
But is it? When I think about it the phase seems to be one of the daftest things its possible to say.
Personally I've just bought a bicycle brand new for 2.5K. Its probably worth half that when its delivered to my front door and worth even less the minute I ride it. Nothing has actually changed on the bike throughout that time, its still the same bike it was in the showroom. The truth is that was only worth that price to me at the time I bought it and I wouldn't expect anyone else to buy it off me for the same price even if it was still in its wrapping.
Take any auction. If I was completely bonkers and went into an auction I saw some beaten up mini rusted through being pushed onto the stage with a guide price of £200 and I immediately bid £10K its doesn't make the car worth that because I paid that money for it.
There are probably many other examples where probably only two or three people i the world would regarding something as having a high value when the rest of the world would call them crazy. And the thing I hate most about the saying is it assumes if a few people are being nutters we all have to regard what they are doing as valid and sensible.
This is such a weird exampleI nominate "something is worth what someone is prepared to pay for it."
Its been said on numerous watch threads when people comment on the price an expensive watch. Its been used a few times on the Ferrari GTO thread that's currently running, and almost always appears on any thread to do with the sale of paintings, and multiple times in past threads. People use the phase as if its an unassailable fact.
But is it? When I think about it the phase seems to be one of the daftest things its possible to say.
Personally I've just bought a bicycle brand new for 2.5K. Its probably worth half that when its delivered to my front door and worth even less the minute I ride it. Nothing has actually changed on the bike throughout that time, its still the same bike it was in the showroom. The truth is that was only worth that price to me at the time I bought it and I wouldn't expect anyone else to buy it off me for the same price even if it was still in its wrapping.
Take any auction. If I was completely bonkers and went into an auction I saw some beaten up mini rusted through being pushed onto the stage with a guide price of £200 and I immediately bid £10K its doesn't make the car worth that because I paid that money for it.
There are probably many other examples where probably only two or three people i the world would regarding something as having a high value when the rest of the world would call them crazy. And the thing I hate most about the saying is it assumes if a few people are being nutters we all have to regard what they are doing as valid and sensible.
Things are worth what someone is willing to pay - that's an irrefutable fact.
If you were to buy my laptop off me for £1m, then my laptop is worth £1m to you
What I think you're trying to get at is that because someone is willing to pay a certain sum for something, it doesn't make it worth that to someone else
That is true - nobody else would buy my laptop for £1m.
But the original statement of something being worth what someone is willing to pay for it is correct.
Caddyshack said:
I do see a lot of posts on owners pages on Facebook where someone posts a description and photos of something they own looking for a price to sell it. Some idiot always pipes up with "It is only worth what someone is prepared to pay for it" - whilst we can agree that is true it is completely useless to the the thread and should only be used as a caveat to any value they predict.
If I think that it's worth £500 , and I am prepared to pay £500, for a new Rolex, how come the shop assistant
arranges that I be escorted from the premises.
Nethybridge said:
Caddyshack said:
I do see a lot of posts on owners pages on Facebook where someone posts a description and photos of something they own looking for a price to sell it. Some idiot always pipes up with "It is only worth what someone is prepared to pay for it" - whilst we can agree that is true it is completely useless to the the thread and should only be used as a caveat to any value they predict.
If I think that it's worth £500 , and I am prepared to pay £500, for a new Rolex, how come the shop assistant
arranges that I be escorted from the premises.
julian64 said:
This thread is about stuff that gets said regularly on PH as if the poster thinks its an undeniable truth. When in reality when you think about it there is little sense in it
I nominate "something is worth what someone is prepared to pay for it."
Its been said on numerous watch threads when people comment on the price an expensive watch. Its been used a few times on the Ferrari GTO thread that's currently running, and almost always appears on any thread to do with the sale of paintings, and multiple times in past threads. People use the phase as if its an unassailable fact.
But is it? When I think about it the phase seems to be one of the daftest things its possible to say.
Personally I've just bought a bicycle brand new for 2.5K. Its probably worth half that when its delivered to my front door and worth even less the minute I ride it. Nothing has actually changed on the bike throughout that time, its still the same bike it was in the showroom. The truth is that was only worth that price to me at the time I bought it and I wouldn't expect anyone else to buy it off me for the same price even if it was still in its wrapping.
Take any auction. If I was completely bonkers and went into an auction I saw some beaten up mini rusted through being pushed onto the stage with a guide price of £200 and I immediately bid £10K its doesn't make the car worth that because I paid that money for it.
There are probably many other examples where probably only two or three people i the world would regarding something as having a high value when the rest of the world would call them crazy. And the thing I hate most about the saying is it assumes if a few people are being nutters we all have to regard what they are doing as valid and sensible.
It’s not surprising that the human world is in the state it is with intellects like this on display.I nominate "something is worth what someone is prepared to pay for it."
Its been said on numerous watch threads when people comment on the price an expensive watch. Its been used a few times on the Ferrari GTO thread that's currently running, and almost always appears on any thread to do with the sale of paintings, and multiple times in past threads. People use the phase as if its an unassailable fact.
But is it? When I think about it the phase seems to be one of the daftest things its possible to say.
Personally I've just bought a bicycle brand new for 2.5K. Its probably worth half that when its delivered to my front door and worth even less the minute I ride it. Nothing has actually changed on the bike throughout that time, its still the same bike it was in the showroom. The truth is that was only worth that price to me at the time I bought it and I wouldn't expect anyone else to buy it off me for the same price even if it was still in its wrapping.
Take any auction. If I was completely bonkers and went into an auction I saw some beaten up mini rusted through being pushed onto the stage with a guide price of £200 and I immediately bid £10K its doesn't make the car worth that because I paid that money for it.
There are probably many other examples where probably only two or three people i the world would regarding something as having a high value when the rest of the world would call them crazy. And the thing I hate most about the saying is it assumes if a few people are being nutters we all have to regard what they are doing as valid and sensible.
"My car runs like a bag of spanners on supermarket fuel and triggers the check engine light" erm, there are only six refineries in the UK so supermarkets get it from the same refineries as everyone else.
"If you run you car low on fuel it sucks up all the sludge from the bottom of the tank" erm, the pickup is at the lowest part of the tank which is the bottom so is always taking fuel from the bottom of the tank.
"If you run you car low on fuel it sucks up all the sludge from the bottom of the tank" erm, the pickup is at the lowest part of the tank which is the bottom so is always taking fuel from the bottom of the tank.
Just because everything sold has a price doesn’t mean that all sale transactions are comparable.
Some products you can break down the sales price rationally eg for a car you can build up the price from the cost of the parts, the labour, the marketing, overheads, amortised R&D, manufacturer’s margin, the dealer’s margin, VAT etc. Higher prices for such new products will often be linked with some objective differences that show extra value - bigger engines, more luxurious, etc. Clearly the relationship between price, value and utility is not perfect for new cars but there is a strong correlation.
However there are other items for which there is no rational explanation. A Picasso painting is an example. The cost of the materials is insignificant. It would also be straightforward to have someone make a fake that is indistinguishable from the real one, except for experts (and even then they might have to use technology). Yet one is worth millions and the other almost nothing.
Some products you can break down the sales price rationally eg for a car you can build up the price from the cost of the parts, the labour, the marketing, overheads, amortised R&D, manufacturer’s margin, the dealer’s margin, VAT etc. Higher prices for such new products will often be linked with some objective differences that show extra value - bigger engines, more luxurious, etc. Clearly the relationship between price, value and utility is not perfect for new cars but there is a strong correlation.
However there are other items for which there is no rational explanation. A Picasso painting is an example. The cost of the materials is insignificant. It would also be straightforward to have someone make a fake that is indistinguishable from the real one, except for experts (and even then they might have to use technology). Yet one is worth millions and the other almost nothing.
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