I want to test WTP and price elasticity for premium features in a car.
For example, different kinds of navigation screen can cost $100, $200, $300.
But the overall base price of the car will be around ~$50,000. So any kind of features will bump up the price to $50,100 , $50,200 and $50,300.
My concern is that users will not care significantly about the addition $100 against the total cost of car which is 100x the cost of the feature.
How can I manage for this in my analysis? A colleague who'd done this previously mentioned there are some "level bridging" excel plug-ins for this. They don't remember exactly.
Could anyone please help me out with this?