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When planning a road trip, the original cost of the car is a sunk cost and should be ignored.
An expense that has already been incurred and cannot be recovered is referred to as a sunk cost in economics and corporate decision-making. It is also referred to as a retrospective cost.
On the other hand, prospective costs—future expenses that could be avoided if action is taken—are contrasted with sunk costs. A sunk cost is, in other words, a quantity that was spent in the past but is no longer significant when making decisions for the present or the future.
Even while economists contend that sunk costs are no longer important for making rational judgments in the future, in real life, people frequently factor in past expenses for things like fixing a car or house when making decisions about those properties in the future.
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