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Let
the selling Begin!
Think this part of the
negotiation through ahead of time. Rehearse in your mind how
you plan to drop your asking price. Remember, go slowly. And
don't drop your price until you're absolutely sure that the
buyer won't meet your asking price. If you feel that the buyer
is in love with your car and is only looking for a face-saving
negotiation victory, you might begin your counteroffer by
agreeing to toss in one of the extras mentioned above.
8e Prepared to Walk Away
Always be prepared to walk away from the deal. If you're asking
$9,000 and you know that the same car is on the used-car lots
for $9,800 and that the wholesale value is $6,800 and the
buyer is offering no more than the wholesale price and refuses
to budge, there is nothing that says you can't just thank
the buyer and end the negotiation. The key is to have a bottom
line when you start your negotiation. If several potential
buyers suggest that your price is too high and refuse to negotiate
their bids up, you may want to go back and reexamine your
evaluation of the car's value and the validity of your asking
price.
The
Offer
The buyer gives you a price. Let's say for the sake of discussion
that your asking price is $9,000 and that your bottom line
is $8,000. No matter what the buyer offers, unless it's $9,000,
pretend to go into deep thought and say nothing. Generally,
most people will offer something below that which they are
really prepared to pay as a means of testing your price. As
we explained on the previous page, your goal is to get them
to up their bid before you make a counteroffer. To do that-and
this won't always work, but it does most of the time-say nothing.
Appear to be deep in thought. Create a large silence. If the
buyer is like most people, he or she will try to fill that
silence with apologies or excuses for the bid.
"Well, I'm sure that's less than you. want. "
"1 could probably do a little better than, that. "
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If
you get a statement that suggests the person is prepared
to go higher, ask how much more they can go. And again,
say nothing. Force the buyer by your silence to up the
offer.
At
this point what you've done is narrowed the negotiation
gap from $1,500 to $1,000. Keep in mind that the buyer
is fully aware of your asking price and that he or she
is probably not expecting you to part with the car for
$7,000. But if they don't ask, they'll never know. And
it could be that they might hope you're one of those
people who get discouraged quickly and will be happy
to get any price above the wholesale value and be done
with the whole thing.
However,
if you're looking to maximize your profit, you'll negotiate.
Again, remember the clock story: If the buyer feels
that he has had to work for the price, he'll leave feeling
he has won, whatever the price.
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the
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