Personal Finance

3 Tips For Negotiating The Price On Big Purchases

If you’ve ever paid more for something than you wanted to, you’ll be happy to know that, in many situations, there’s usually at least a little wiggle-room when it comes to negotiating price. Even within retail stores, you may be able to negotiate down on price, especially on certain purchases.

What people usually find themselves negotiating on are big-ticket items. So to help you save more money than you thought possible, here are three tips for negotiating the price on big purchases. 

Offer Cash

One of the best negotiating strategies you can employ is to offer to pay cash for whatever item it is you’re purchasing.

According to Brandon Ballenger, a contributor to MoneyTalksNews.com, businesses usually have to pay a certain percentage of the transaction in order to accept a credit card payment for that purchase. But if you’re paying cash for that item, you may be able to negotiate the price down by about three percent without having the business take any kind of hit on their profit margins. Especially if you’re paying for something that’s very expensive, both you and the seller or retailer could come out ahead in this situation. 

Additionally, if you’re buying something from a private seller, seeing the cash in your hand that you’re willing to pay can also help encourage them to take the guaranteed cash now rather than having to wait for a payment to come through from another buyer, even if your offer might be slightly lower. 

Embrace Silence

When you’re actively in the negotiating process with a seller, one of the best things you can do to maintain your position and power, according to Tod Marks, a contributor to Consumer Reports, is to speak as little as possible and embrace the silence that comes after an offer is suggested by either side. 

Many times, people feel very uncomfortable with silence. But if you can hold out during these potentially awkward situations, the seller you’re negotiating with may cave and accept your lower offer or even offer you a discount after giving you their initial offer. 

Use The Right Phrases

During your negotiations, it’s good to know what phrases could get you the best results.

According to Ramsey Solutions, some of the phrases you should use when negotiating are, “That’s the best I can do,” and, “That’s not good enough.” While you might feel uncomfortable saying either of these things when you’re trying to buy something, it could show the seller that you’re serious about getting the item at the right price for you, which could help them to budge on their selling price. 

If you’re wanting to save some money on your big purchases, consider using the tips mentioned above to help you with your negotiations. 

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