As a frugalist, I always try to get the best deal possible in whatever I buy or pay for. If you’re going to buy something, why not try to get the best possible price? Who says that the marked price is the price that you must pay?
What’s the secret to getting a discount on your purchases? A lot of the time, you’ll get a discount by simply asking for one.
Keys to Negotiating
What are the keys to negotiating? Here’s what I have learned:
- Be prepared to walk away.
- Be informed about what the competition offers for leverage.
- Get the other party to name the price FIRST.
- Ask the key question “Is that the best you can do?”.
Here are some prime examples of some negotiations that we have gone through recently:
As my cell phone contract was up, I was considering going prepaid wireless since it would probably save us money for the amount that we use a cell phone. Being prepared to walk away from my cell phone provider, I called them to cancel my contract. Low and behold, they offered me an amazing deal to keep me as a customer.
Although I was quite satisfied with their offer, I threw in the question “is that the best you can do?”
Magically, they included a couple extra features to be on the safe side.
We had our eye on a decorative shelf that was a tad bit expensive but it was the one that my wife wanted. We discovered from an employee that the floor model was the last one left. As I knew that my wife wanted the piece of furniture, I asked the employee to call his manager to find out if the floor model could be sold at a reduced price.
They came back with reducing the price by 50%. Half price is pretty good, but half price for no box, no return policy and a couple dings wasn’t quite good enough.
So again, I asked the question “is that the best you can do?”
Again, the manager was contacted, and they gave us another 10% off.
This shopping trip was similar to the Walmart story. We had our eye on a particular sofa and chair at a local furniture store and asked about the details. As it was only their floor model remaining, we asked about their floor model discount and was offered 15% off their regular price. Upon further inspection, we mentioned the few scratches and other minor damage to the material. They immediately offered us a better price to take the model “as is”.
I’m not saying that every time you go out to the grocery store that you should ask for a discount on your vegetables. After a while, you’ll know the consumer items that you can negotiate a better price with (floor models for one).
Next time you’re out to purchase a big ticket item, try using the strategy outlined above. I’m interested to hear back as to how it turns out.
Do you negotiate your larger purchases? If so, what is your strategy?
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