Negotiating the best price for a purchase can be stressful and time consuming.

Yet certain purchases must be negotiated.  Your home and car are the first that come to mind.  Vacation packages and home heating oil are others.

Following a few simple rules can save you hundreds or even thousands of dollars in the long run.

-When making a purchase -

The November 1st issue, Family Circle says that it all boils down to memorizing a few key phrases:

• “Can you do any better on the price?”
• “It’s nice, but I can take it or leave it.”
• “I’ve seen this elsewhere for less.”
• “What would you take if I paid cash?”
• “Any quantity or package discounts?”
• “Can you throw in the shipping?”

Here’s a few tips of my own I’ve picked up over the years:

• Be patient.  If you don’t feel like you’re paying what the item is worth, don’t buy it.  Unless the item is something truly unique, they’ll always be another house or a another car.  A hasty decision is one you could regret later.
• Strip yourself of emotion and deal only in facts.  Salesmen are usually very likable people!  Don’t pay more because you like them!
• Do your homework before you go shopping.  Know pricing for the item you want before you head out.
• Leverage your assets.  For example, if you’re if you’re in the market to purchase a new home, and currently rent, you have an advantage over another potential buyer that currently owns their hame, and will need to sell it.

- Inspirational quotes on the art of negotiating -

“The go-between wears out a thousand sandals.”  Japanese Proverb

“My father said: “You must never try to make all the money that’s in a deal. Let the other fellow make some money too, because if you have a reputation for always making all the money, you won’t have many deals.”  J. Paul Getty

“In a negotiation, he who cares less, wins.”  Unknown

And my favorite:

“I’ll gladly pay you Tuesday for a hamburger today.”  J. Wellington Wimpy in the cartoon, Popeye.

Related Reading:

Money Harmony: Resolving Money Conflicts in Your Life and Your Relationships

Trading for a Living: Psychology, Trading Tactics, Money Management (Wiley Audio)

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