Should dealers make you negotiate to get the best price?

MrEureka

Or should they just quote you a pass-or-play number?

ziggy29

Hard to say. Some people enjoy haggling; I hate it personally. If I think the price is fair, I'll generally pay it -- except at some shows, where I feel like haggling is *expected*, and there, I'll usually make one reasonable ounteroffer which is usually accepted.

I'd prefer to just see the best price which can still give the dealer the profit margin they need to keep going.

IrishMike

I prefer dealing with someone who rather than tries to size me up and see how much he/she can get just quotes me what they are willing to sell if for once I ask them for their best price. I don't enjoy the back and forth negotiating game.

jbsteven

haggling is a customary part of "normal" coin dealing IMO.

personally I would prefer a pass or play number at all times.

ziggy29

<< <i>haggling is a customary part of "normal" coin dealing IMO. >>

There are enough buyers who either *want* to play the game or expect to *play* the game that I suspect many dealers price coins with that in mind. Rather than lose the business of a haggler, they may mark the coin up above their "best price" and negotiate toward it.

For example, if a dealer expects to get $100 for a coin, I wonder how many of them price it (initially) at $120 with the knowledge that someone may "talk them down" as low as $100 -- and if someone bites at the $120, it's gravy. The odd thing is that some of these hagglers who won't buy at "firm prices" might not buy the same coin at $100 firm even though they are paying the same amount. If they can't feel like they worked a better deal out of it, some of those types of buyers may pass.

dthigpen

I'm strictly a buyer, and I really detest haggling, though I find myself subtly doing it at times these days as it seems to have become a neccesity with many dealers and their 'baseline' pricing (Except with a couple dealers that I have a good relationship with already). A dealer will instantly earn my respect and business if he gives me a *fair* price (Not asking insanely low, but just a fair market price for a buyer) the first time I ask.

JadeRareCoin

The price is what it is, imo. However, most collectors (and dealers) ask for a price reduction on each coin. I check the buy code on the back of the holder and offer a little extra off if I have enough room to do so.

One dealer at the St. Louis show picked out 2 coins from case and asked for the "best price". I shot him my best prices for the pair. Then he said, "okay, so what is the real price?". I said, "I just gave it to you". We gave me the coins back and told me that he does not buy coins unless he gets a dealer discount. The funny (and very true) fact is that he only has 2 cases on his table and the coins are spread out to help fill the space.

kieferscoins

How does a "dealer" like that stay in business Dennis?

Cameron Kiefer

RYK

I prefer pass or play. Show me the coin and the price, and I will decide whether I want it or not. I generally do not haggle and never with the two or three dealers that I do the most biz.

fivecents

The collectors or customers are the reason the dealers feel like they need to bump the price of a coin. Some collectors get pissed off at a dealer who won't drop some off the price of a coin that is for sale. I wish I had a nickel for every time i've heard a collector say "what's the best you can do on this coin?"
That said..... I prefer the pass or play number, but that doesn't fly at most coin shows.imo

Fairlaneman

Negotiation is just part of the game. A cut and dry price is no fun at all. The negotaition between a dealer and collector could have a positive effect when the next purchase or offer to sell comes up between the two parties. A closed mind, either the dealer or the collector, does not promote a healthy relationship IMO.

The answer: Lets haggle a bit.

Ken

Nysoto

At a show I will usually make an offer less than the listed price if I do not know the dealer. One specialist in bust coins expects to sell for less than listed price, the first time I purchased a coin I was willing to pay the listed price when he said "I will get you a price on that", he looks at the coin for a few seconds, rotates it, and gives me his usual 7% discount. Some dealers are reasonable and I gladly pay the listed price.

And then there is Jack Beymer. At the last Portland ANA, I asked for the best price on a coin with a list price of $1250. Jack said "$1300"

edit - to answer the question, it doesn't matter. If dealers went to firm fixed prices, that would leave a lot of room for negotiation.

mgoodm3

I don't haggle much. I like it when the dealer marks things down a bit, without asking, from the web site price. Nice touch for a repeat customer.

Barry

Doesn't matter to me either way.

Retailers have proven that people want to feel like they're getting a deal. Sears learned this the hard way several years ago when their "always lowest price" model failed miserably.

Andy - let me turn the question around to you:
Should dealers be firm on their offer or should they always expect and accept negotiation for a better price?

JadeRareCoin

When we buy wholesale, everything is net priced. Makes things go very quickly.

Conder101

<< <i>One dealer at the St. Louis show picked out 2 coins from case and asked for the "best price". I shot him my best prices for the pair. Then he said, "okay, so what is the real price?". >>


I had a customer like that once. After I gave him my price he said "Oh you can do better!". So we decided that WE could do better and we raised the price. We could do better, and he could do worse.

I will usually ask one time what they need on a coin, then I either pass or play. I do not counter. And if they have something that indicates that the prices are "net" or "firm" than I won't ask and will pass or play based on how they are marked. If they are "net" but not marked then I usually just pass.

Julian

My listed prices coins are retail.

If asked for a discount, I may quote a lower price.

As stated before, numismatics is a hobby and a luxury.
No one has to purchase my inventory and I understand that.
Consequently, all offers are considered as well.

Russ

Haggling is half the fun! It also gives you a chance to get to know the dealer a bit if it's done in a friendly way. I once bought a pretty cool PCGS graded toned Lincoln with the following:

Me: I like this coin, but I think you're asking too much.
Dealer: Why do you think I'm asking too much?
Me: Because I'd like to get it cheaper!
Dealer: (Laughing his ass off): Okay, I'll knock $10 off.

I later sold it for a nice double. I've also bought quite a few more coins from the same dealer. I don't spend much, but he knows that if he has something cool and cheap, he has a buyer for it.

Russ, NCNE

morgannut2

If you desire a coin but it is at a price that you are not willing to pay, it helps both you and the dealer to let them know what you are willing to pay. The coin may have been bought inexpenively and/or not fit the usual dealer's inventory. He loses nothing and neither do you if a deal can or can't be worked out to the satisfaction of both parties.

Lakesammman

Andy, every dealer is different.

Some have a minimal markup - I buy or pass.

Others are always taking shots - I always offer on their inventory.

Others I don't know and feel out (so to speak).

If every dealer quoted a pass/play price, it would make collecting simpler, I guess.

Heck, I even make offers on cars! I have a lease ending next month and I know the bank doesn't want it back. They took my offer well below residual.

BAJJERFAN

Since there is a wide disparity in prices among dealers for the same coin in the same grade and in the same holder its only natural to want to at least try to bargain a little. Its a fact that not all 79-s ms66 Morgans graded by PCGS are equal and its not possible to have several coins available to compare side by side so its only natural to wonder why dealer A has his priced at more than $200 over what dealer B does. I don't think a dealer shud require me to ask for his best price, but if its out of line with what I think it should be I mite ask why.

MrEureka

Andy - let me turn the question around to you:
Should dealers be firm on their offer or should they always expect and accept negotiation for a better price?

It depends on the coin, the customer and the relationship with the customer. For example, if a complete stranger walks up to my table and asks for a quote on a coin that I expect can be sold in the $1500-1800 range, I'll probably quote him $1800 and I might negotiate a bit. On the other hand, I'll cut to the chase with established customers that haggle only when necessary.

BTW, haggling never bothers me. It just changes the way I'll deal with the customer next time he asks for a price.

roadrunner

I'm with Condor. I expect a fair price the first time. If I can buy it and there's room, I'm in. If I need another few bucks to even consider buying it I may make an offer. Depends on how I felt about the seller. Most of the time you can tell if they are firm so in that case, I don't even bother with an offer. If the offered price is more than 10% away from what I feel is reasonable I usually won't make an offer. I sell the same way, usually my best price first.

roadrunner

cladking

I prefer when a dealer has a set price marked on the coins because it gives
the customer a fair chance. If the coin is worth the price then it can simply be
purchased, and if it's within 200% of a good price a counter-offer can be made.
If a dealer turns down too many counter-offers then one can simply revert to
buying only the mistakes.

tradedollarnut

and if it's within 200% [ ] of a good price a counter-offer can be made.

Ahhh - the hazards of buying moderns!


No disrespect intended ... I simply couldn't resist!

cladking

Ah, but that's my rule of thumb with any coin. Some dealers won't entertain
offers of 50% of listed price but most have coins they're buried in and I have a knack for spotting them.

coinkat

good question with many possible answers... I think Andy already said it best in terms of the coin, the customer and the business relationship. The business relationship works both ways...

RYK

The problem with haggling (for coins, cars, Grateful Dead or Steelers tickets, or whatever) is that I almost always end up buying what I was intending to buy anyway and usually feel like I left money on the table. It can sour what should be an enjoyable transaction for me. This might sound ridiculous, but I would rather overpay by 3% and feel like I had no choice than not overpay and feel like if I played my cards better, I could have underpayed by 3%.

CalGold

Not all haggling has to be tense. If a dealer has a coin that he thinks is special he is going to take a shot. Nothing wrong with that. Its part of price discovery.

I have walked away on a PQ coin that I wanted but I thought the price was just too high, then wound up buying it at a subsequent show at price that was still more than what I originally had in mind, but less than the dealer had hoped to get, but it was a fair and freindly deal for both of us. I am sure most of the folks here have had the same experience.

CG

tradedollarnut

I bought a coin one time where I told the guy "I'm probably going to buy this, but habit forces me to ask if it's your best price". He knocked off 10%.

MrEureka

If a dealer has a coin that he thinks is special he is going to take a shot. Nothing wrong with that. Its part of price discovery.

CG - You say that like you believe dealers don't know exactly what their coins are worth. You really expect anyone to believe that?

CalGold

Andy, of course he know what his coins are worth, within a range. He might get a coin and say I think I can get X for this, where X is a premium price and he can still make good money at X minus. If he gets no takers at price X he can still take less and make $$.

Another example. Look at the DLRC website. They are always promoting 5% on designated series. Today all Morgans are 5% off. Just like K-Mart.

Edited to add: Oh, yeah, then there are the dealers that quote a high (excessive) list price and offer a "show" discount. I guess I should remember not to buy anything out of their inventory when they're not at a show.

CG