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Now take that $700 and compare it to the rest of what we spend - It's a small fraction. Consider:
People love the P-4 and the rest of the more expensive bikes we ride - none of these are cheap
Zipp disk
Power tap
Garmins
Firecrest - for those not on disks
wet suits
multiple pairs of $100 plus sneakers.
bike shoes
I don't think we can make a comparison to race gear and race fees. We do spend a lot of money for some of our gear/apparel, but we use it every day. We get to take it home with us for the rest of our lives should we choose to do so. Plus, we have many, many options available to us for the same product. Do we have that with 140.6 races? Not yet. Do people get the same type of return after paying for and completing an Ironman? Perhaps.