In the context of the function \( f(x) = 23,000(0.92^x) \), the value of \( 0.92 \) represents the decay factor.
This means that each year, the value of the car is multiplied by \( 0.92 \), indicating that it retains \( 92% \) of its value from the previous year. Thus, it depreciates at an annual rate of \( 8% \) (since \( 1 - 0.92 = 0.08 \)).
So, the correct answer is the decay factor.