Friday, January 23, 2009

Time to Negotiate

What time is it? Time to negotiate! The factor of time can really influence your deal. Always be aware of your time constraints and those of the other party.

Let’s go buy a car. You really don’t need to close a deal on a new car for several weeks. The new car dealer knows that if he doesn’t close you in three days or less that statistically he/she won’t sell you a car. So what time of the week do you go to the dealer? Monday? Saturday? It will depend on the dealer but often you see the sales advertisements coming out on Friday, so Friday is often a good day.

Thus, if I go to negotiate for a new car, I’m likely to go Friday and to go very late in the day. If I know what I want, I’m going at 30 minutes before closing time. The dealer doesn’t want to be stuck at the office late on a Friday night and 30 minutes gives them just enough time to work you a deal. As the clock ticks, the pressure is on them to close the sale. Be sure to tell them that you have all day Saturday to look at car dealerships if you don’t buy one today!

Time can be your enemy as well. If you are in a hurry to buy something and the salesperson figures this out, you won’t get a price break. Instead, act is if you have plenty of time. Don’t act like you are rushed and be sure to avoid any high-pressure closes like “if I can get that in gray for you will you take delivery tomorrow?”

Time is money. Be aware of time, because the money you save could be used to buy that next new car!


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