During the pandemic, I started learning how to rebuild and repair bicycles since there was a cycle shortage and buying new was limited and costly. With gyms closed, I began to fix bikes for friends and family to get them back on the road as well.
Bike components are a good model for the concept of value. You can pay $50 to $1,000 for a bike wheel (if full carbon). The question is, what is the best value of that component based on your needs? How do you find the true best value?
