Mr. Deb purchased a new car but met with an accident a few days after the purchase. He does not like walking, riding a bike or taking the bus. An automobile agency offers him $3000 for the wrecked car. His insurance company estimates that there is $3,000 in damages to the car. Because his policy includes a deductibility provision of $1,500, Mr. Deb receives a check from them for $1,500. The odometer reading on his wrecked car is 500 km.
What should he do? Use the seven step procedure from Table 1.1 to analyze his situation. Also identify which principles accompany each step.