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A negotiating tactic that generally is successful.
Senex
Posts: 483 ✭
While I am by no means a crack negotiator, I find the following is generally successful at shows I attend:
After perusing the dealers stock and spotting a coin I am interested in, I'll ask "How much?".
Dealer replies "$x".
Me: "Is that your best price?"
Dealer: "$X-x%"
If that's a good price, I'll buy. If not, I'll thank the dealer for his time and move on.
After perusing the dealers stock and spotting a coin I am interested in, I'll ask "How much?".
Dealer replies "$x".
Me: "Is that your best price?"
Dealer: "$X-x%"
If that's a good price, I'll buy. If not, I'll thank the dealer for his time and move on.
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The only time it's different is if I pass on his 'best price', and he presses me for what I want to pay for it.....which tells me he really wants to make a sale, or
he still has a little room in left in his best price.
Another tactic that works for me is finding something else in his inventory that I can use, and then make an offer on the pair.....hoping if he can make some $$
on both, then I can get a little better deal on each one.
And then there are the screamin' deals where I just gladly pay the first price quoted
<< <i>While I am by no means a crack negotiator, I find the following is generally successful at shows I attend:
After perusing the dealers stock and spotting a coin I am interested in, I'll ask "How much?".
Dealer replies "$x".
Me: "Is that your best price?"
Dealer: "$X-x%"
If that's a good price, I'll buy. If not, I'll thank the dealer for his time and move on. >>
I've got one that will save you even more time:
Collector: "What is your best price on this coin?"
Dealer: "$xxx."
Collector: "OK, I'll buy it" or "No thanks"
But, once you ask for the best price, please do not ask for an even better price. (How can there be a better price than the "best price"?)
An authorized PCGS dealer, and a contributor to the Red Book.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>
<< <i>While I am by no means a crack negotiator, I find the following is generally successful at shows I attend:
After perusing the dealers stock and spotting a coin I am interested in, I'll ask "How much?".
Dealer replies "$x".
Me: "Is that your best price?"
Dealer: "$X-x%"
If that's a good price, I'll buy. If not, I'll thank the dealer for his time and move on. >>
I've got one that will save you even more time:
Collector: "What is your best price on this coin?"
Dealer: "$xxx."
Collector: "OK, I'll buy it" or "No thanks"
But, once you ask for the best price, please do not ask for an even better price. (How can there be a better price than the "best price"?) >>
Simple ... just then ask for the bestest price!
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
<< <i>I'm the same way. I ask the dealer for his best price and then I'll either play or pass. Like is too short to play head games with coin dealers. >>
I don't ask for "best price." I have a price I know I'll pay.
I usually ask how much and if we're close, counter or say that's much higher than I'll pay and walk.
<< <i>
<< <i>While I am by no means a crack negotiator, I find the following is generally successful at shows I attend:
After perusing the dealers stock and spotting a coin I am interested in, I'll ask "How much?".
Dealer replies "$x".
Me: "Is that your best price?"
Dealer: "$X-x%"
If that's a good price, I'll buy. If not, I'll thank the dealer for his time and move on. >>
I've got one that will save you even more time:
Collector: "What is your best price on this coin?"
Dealer: "$xxx."
Collector: "OK, I'll buy it" or "No thanks"
But, once you ask for the best price, please do not ask for an even better price. (How can there be a better price than the "best price"?) >>
From my experience, some dealers have two different "best prices." One they tell collectors trying to buy coins, and one they tell dealers trying to buy coins...
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 700
Many dealers are well aware of the "what is your best price" tactic. And as such, they won't quote their best price....knowing that more than likely the other person will try to
nibble again....and possibly again. Maybe dealers should start asking collectors, "what is the most that you would pay for this coin?"
<< <i>I always ask the dealer what is the most amount you won't take? and then offer him $1.00 more than that!
sounds like you're leaving 99 cents on the table...
<< <i>From my experience, some dealers have two different "best prices." One they tell collectors trying to buy coins, and one they tell dealers trying to buy coins... >>
I'll bet most dealers have more than two. Depending on the details of the deal, there could be any number of "best prices".
I was making an offer for 2 dirty gold coins, and I asked for both to be sent to me and invoiced at "the best price". Well, his best price was better than I would have guessed AND he said that he would send the coins now and that I would not have to pay until the FUN show. Well, I could not stand for that now, could I? I countered that I would pay now, and he would not have to send the coins but instead just bring them to the FUN show. I am going to additionally put my foot down and only accept the coins at lunch, my treat. That will show him!
So you see, if you ask for the best price, things do not often go as you expect.
1) A asks B for their "best price", B gives their price, A should now play or pass.
2) A and B are negotiating and B simply says "my best price is $x", without being asked specifically for his/her best price, it is not bad form for A to counteroffer/continue negotiating.
While very similar, I feel that once a best price is requested and then stated, continuing to negotiate (chiselling) is very bad form. But if it is brought up without being requested, I view it as just another tactic in the "dance" of negotiating.
How do you guys feel about this distinction?
<< <i>How do you guys feel about this distinction? >>
I understand your reasoning but I wouldn't personally use this strategy. If somebody says "This is my best price", I'm not going to try to get him to go lower- it's either buy it or pass at that point. If he wants to reconsider on something I pass on, I'm always open to the possibility.
<< <i>
<< <i>How do you guys feel about this distinction? >>
I understand your reasoning but I wouldn't personally use this strategy. If somebody says "This is my best price", I'm not going to try to get him to go lower- it's either buy it or pass at that point. If he wants to reconsider on something I pass on, I'm always open to the possibility. >>
Agree. If a dealer says he is giving you his best price and you counter offer with a lower price you are essentially calling the dealer a liar.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
When asked for a price, I tend to give my best price right away - and say it is my best price. (I have it marked in code on the reverse). That way, if the buyer declines and comes back later, I don't have to depend on my aging brain to remember what I quoted.
You still get the guys that want to chisel you down, I usually decline these offers unless it is in my best interest to accept.
“In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson
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My best stradegy is finding someone that actually wants to sell. Then we can start at a realistic price and go from there.
But, if you are looking for something you know is tough enough that you are going to have to toss out the price guides, the only thing I have found that ALWAYS has worked for me is to pull out my checkbook and say "I own it. Can you cut me any slack on the price?" I don't think I've ever gotten less than 5-10% off. Coins are commodities except when they aren't.
No such thing as "liars" in negotiating, especially with coins and collectibles since everyone tries to gain an advantage whenever they can. I don't
know how many times I've been asked for my best price, then the other party counters with a lower price than my best. No one is a liar here.
The best price is rarely the best price. Most people realize there is no such animal as the "best price," just the price that will get the deal done. And they
will pursue that until the deal can be made. Considering that half of buyers (or more) seem to ask for best price, it's become little more than a replacement for
"how much is it?" And if someone asks "how much is that?" You bet the next thing they'll ask is, "is that your best price?" I've watched many dealers negotiate
back and forth from "best price," to my "very best price," to "rock bottom price," to "I'm losing money price." And after all that, the two will reach an agreement on
the "real price" which is less than all of them.....lol.
<< <i>I've watched many dealers negotiate back and forth from "best price," to my "very best price," to "rock bottom price," to "I'm losing money price." And after all that, the two will reach an agreement on the "real price" which is less than all of them.....lol.
For every dealer like that, you can probably find one who will tell you to go pound sand if you try to negotiate after asking for a best price. If one can tell the two types apart before beginning to haggle, I suppose one could do okay for themselves. If not...