It can be a bit intimidating arguing over the price of something but the more practice you get the better you’ll be at it… so why don’t you try starting off with something small and then work your way up to something like a car, which you’re sure to want to save some cash on?
New research from Sainsbury’s Bank has just revealed that prospective car buyers could be losing out on rather significant savings because they refuse to haggle. Of those intending on buying a vehicle between March 1st and September 1st this year, just 17 per cent say they intend to argue over the price to pay. Some seven per cent won’t consider negotiating at all and two per cent said they didn’t know they were actually allowed to haggle in the first place.
Head of loans with the company Robert Oag said: “Buying a car is a huge financial commitment and you should try and secure the best possible price you can. Our research shows that 57 per cent of those planning to buy a car intend to use some form of loan. Those looking to finance their purchase should make sure they shop around and find a competitive rate.”
You might not be that surprised to learn that men are more likely to haggle over the price of a car than women, with 61 per cent of those looking to buy in the next six months saying they’ll definitely enter into negotiations. This compares to just 43 per cent of prospective female car buyers. But it’s important to remember that the study found that the average amount you could save by haggling is more than 13 per cent – so perhaps start practicing your haggling skills right now!
Before you even start an argument over pricing, make sure you’ve worked out just what is affordable to you and that you’ve done lots of research into the vehicle you want to buy, including the list price. Bear in mind that car dealers’ prices aren’t fixed, no matter how you intend to pay, so you could get yourself a great deal if you have nerves of steel.
Make sure you know what the list price of the car is and always check online to see if there are other dealers in your area that are offering better prices on the same car, as this can be a brilliant bargaining chip. When chatting to the salesperson, never let them know what your top limit is. Always state a lower amount than what you’re ultimately prepared to pay as this will mean you can increase it if you have to later on. Make an offer and then stay silent until the salesperson replies.
If the discount is proving hard to get but you still want to buy the car, offer to close the deal right there and then if you and the salesperson can agree on a price.
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