I think we (the consumers) have also been conditioned hedonistically upwards (for lack of a better term) in the last 30 years, as in we wouldn't probably transport our family anymore in a car with no airbags or very few airbags, to say nothing of the crash-test characteristics of new cars compared to cars made 30 years ago.
So, to answer the question, because we (the consumers) have also changed we wouldn't probably purchase as many new 1990 Ford Mustangs or Honda Accords at $9,000 or $12,000 (meaning half the price for the latest models) as we have bought 30 years ago if said models would have costed $4,500 or $6,000 (meaning half their price at that time).
But, nevertheless, I think there is a sweet spot between our new hedonistic expectations (we want airbags now) and a fairer (meaning cheaper) price.
I think we (the consumers) have also been conditioned hedonistically upwards (for lack of a better term) in the last 30 years, as in we wouldn't probably transport our family anymore in a car with no airbags or very few airbags, to say nothing of the crash-test characteristics of new cars compared to cars made 30 years ago.
So, to answer the question, because we (the consumers) have also changed we wouldn't probably purchase as many new 1990 Ford Mustangs or Honda Accords at $9,000 or $12,000 (meaning half the price for the latest models) as we have bought 30 years ago if said models would have costed $4,500 or $6,000 (meaning half their price at that time).
But, nevertheless, I think there is a sweet spot between our new hedonistic expectations (we want airbags now) and a fairer (meaning cheaper) price.