In the function \( f(x) = 23,000 (0.92)^x \), the value 23,000 represents the starting value of the car. This is the initial value from which the car's depreciation is calculated.
To clarify the other options:
- The number of years the car has been driven is represented by \( x \).
- The annual rate at which the car depreciates is 8% (since \( 1 - 0.92 = 0.08 \)), but that is not represented directly in the equation.
- The decay factor is \( 0.92 \), which indicates that the car retains 92% of its value each year.
Thus, the correct answer is: the starting value of the car.