I have a haggling problem

I really do! Anybody want to give me some pointers? (I know I didn't give you much to work with, but there's BOUND to be something)

 

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Are you trying to buy or sell? If you're selling, watch an episode of Pawn Stars, you'll catch it pretty quick. For buying, I make sure that I show that I'm knowledgable and work the price down. Asking to combine items is a good strategy too.

 

Buying, and my problem is mostly starting/going too insulting low. When something is at price guide price, should I try lower? If a dealer declines my last offer, do I still buy the item? Are these questions worth asking?

 

I mean, it varies for different dealers, but for me, I find that the Red Book is a good medium to look at for buying coins. The book tends to list the price a bit high, so I usually start a little below (10%-15%) the red book price, and it tends to balance somewhere in the middle. These values may not always work, but I think that it's generally a good rule of thumb. It wouldn't be a bad idea to warm up to the dealer before buying something you want to haggle with.

 

I would say just to keep in mind that both parties in the transaction have needs. Seller wants as much as possible, you want it as cheap as possible. If you acknowledge that the seller has bills to pay and has the coin/item you want, and that you are looking for a win/win transaction instead of a one-sided transaction in your favor...you should be able to at least start the conversation. That's the important point...getting the conversation started...and with a sale, the first no isn't always a firm no. Just keep in mind that they do need to sell inventory to stay in business...so as long as you're polite you should get better results.

If you acknowledge all these, and the seller isn't willing to budge on price, you can walk away. There are always other coins...and someday, when you return, the dealer will probably still have that particular coin, and may be in a better mood to negotiate.

 

The best way to 'haggle' is to know inside out the going rate for the coin and grade that you're after. If you're solid with that it gives you a lot of leverage to banter back and forth with the dealer, and, you won't insult him/her because you can cite recent sales.

 

There is a right way and a wrong way to haggle.

If someone is selling a $100 coin, and you utter "I'll give ya 50 for it". Does not sound so sweet.

I think the best phrase is: "can you work with me on the price?". Your not just shouting out an offer, your asking the seller if he is willing to negotiate. Throwing out a price just seems to point-blank. Consider the phrase an ice breaker.

If you ask kindly, either the seller will say something along the lines of "what would you be interested in offering?", or if he does not want to negotiate, "I think the price is fair for the item".

Once the seller agrees to a negotiation, say something like "I can offer 70 dollars for it, if you think that is fair".

Again, if you just say "I can offer you 70 dollars for it", seems kind of short and to-the-point.

But when you throw in the question of "do you think that's fair?", the seller has to think yet again.

I think you need to exchange a few sentences with the seller before blurting out a random offer.

I'm a bit of a psychologist and I believe the exchange of a few sentences before making the offer eases the seller up a bit. So take a little time to warm up to the seller before making an offer, and you will have a better chance.

 

Good advice there. Also, if you're buying never mention ebay, it never does you any good at all, at least that's been my experience. Especially in a B&M, you may get tossed out.

 

Don't ever use "Well I can go here and buy it for $X." Just about anyone will say "Well then go buy it there". You can't really force a price on someone, if they won't go lower to what you think is fair, just move on.

 

Please allow be to add to this, green. Citing recent (preferably non-ebay) sales is fine advice, but keep in mind that since not all coins of the same type and grade are equal, there may be occasions where this may not help. Much will depend on the type/date/mint of the coin in question. Common white Morgan, yes. Rare date original skinned southern gold, maybe not.

One thing is to never act like the "expert" or as if the dealer "needs" your money. Even if you may know more about the particular type/specimen than the dealer, this is a huge turn off. Always be respectful, and as long as you are not intentionally insulting him, don't worry that your offer could be just that. No fair dealer should take offense when an offer is respectfully and sincerely made. If your offer is declined, don't argue or point at a CDN as if it is the bible giving you the right to buy at or back of bid (yes, this does happen and more often than some may think). Do not claim to be a "dealer" thinking it will get you a better price than if buying for your personal collection (another relatively common yet unwise tactic). Don't try to negotiate on net priced material unless buying in numbers. Don't hymn and haw and beat around the bush. Don't say something like "I only have $250 to spend" when inquiring about a coin reasonably labeled at $1000. Don't look at coins with solid numismatic value then say you only buy at melt. Make note of any obvious problems on coins offered as problem free, especially if scarce or rare, but do so respectfully. If you put the guy on the defensive, things likely will not work out in your favor. Do be upfront and honest with the dealer... wasting his time will get you nowhere in a hurry. If it is clear you will not be able to come to terms, politely thank him and walk away. At least this will show you are serious and respectful, and at best may get him to reconsider your offer if not that far apart. Most importantly, know the true market for whatever coins you are interested in, and if anything is not right, do not be afraid to walk away.

No offense, but this is what I meant by beating around the bush. Business is business and time is money, and while this approach may work with some, with others it can fast become tiresome. Yes... be friendly with the dealer, but don't take him for a fool and act as if some over-thought "psychological" approach is going to save you a few dollars, especially if at a busy show. It could just as easily backfire. As a starter, I would recommend the following using the above $100 label price:

1)Would you consider $70? (If yes, its yours. If no....)

2) May I ask what your best price is? (if you believe the price fair, accept it. If not, politely decline and walk away unless the dealer is clearly open to further discussion).

There is nothing really wrong with Tim's approach, and if the dealer is talkative or wants to shoot the breeze, by all means, but don't push it upon him. Few things can be as frustrating as someone thinking they are slick while obviously trying to nickel and dime you to death.

 

I don't haggle. When I buy, I ask "what do you need" and when I sell I tell folks "I need...". There is no BS in those numbers; they are pass or play.

 

I think that's the best advice there is (which I think was also implied by many other posters). This applies to both face-to-face transactions and auctions. Often times people get into heated (non-friendly) haggling because they think they "need" a certain coin. Keep in mind that 99.9% of the time you can find that same coin elsewhere -- especially online. In the few instances where it's a "unique" or "extremely rare" coin, you're going to be at the dealer's mercy anyway since, by definition, the "unique" coin can only be found there.

 

Its always fine to ask for a few bucks off, or to ask if the seller can do anything. If you think his price is still too much then you have two choices. Offer him a bit lower or thank him/ her for their time and walk away.

Also, three things to remember when haggling.

1. Be polite, 2. Be straight to the point, 3. Don't act like a snob.

 

I like this method, and wish more people would use it. I will also ask if the price quoted is negotiable if I feel it is a bit high, but if they say that they are giving me their best price, or I feel like they are not wanting to go lower(some dealers have learned to play the I'm losing money on every deal act pretty well.) I will usually say "thanks I'll have to think about it", or just "OK thank you" if I feel their price too far away from my idea of a price to negotiate. If the price is close, I may look over the rest of their inventory to try and work out some kind of deal on multiple items.
When I am selling, whether in person or online, if asked or an offer is made, I will usually counter with what I need to get. Negotiating a price takes time and you will not always be able to strike a deal, but being respectful will pay dividends in the long run.
One thing that irritates me, and there seems to be one of these guys at every show, and it's usually a bullion deal. Guy asks price, dealer quotes price, guy quotes Spot/Price guide/friend/whatever as going rate. Dealer say well I just bought them last week when spot was blah blah, guys says"that's not my fault/problem you paid too much". I just don't know that I would be able to keep it cordial with that kind of negotiator.

 

I keep thinking of the scene from Life Of Brian...

"Half a shekel for an old ex-leper?"

 

It really depends on the dealer. Sometimes I feel no need to haggle, but this is seldom with I dealer that I am new with. The best advice that I can give is to find a good, trustworthy dealer. Then you wouldn't have to worry about haggling so much.

 

Don't haggle either. Which means that, if a coin has a visible price tag, this is what the seller wants for it, and I might buy or leave. What I will do, however, is ask for some kind of "volume rebate" if I am willing to buy several items from one seller.

Christian

 

First, know the fair market value of the particular coin. I know this was said before, but bears repeating. If you're looking for the steal of the day, most of these guys are on to that. You're only wasting everybody's time. Some will price high, just because of the haggling, so when you agree on a price that's lower than marked, you think you got a bargain, even if you paid Red Book price. In this day and age of tablets and smart phones, there is no reason not to check a site like Numismedia before starting the negotiation. Don't come off as a know-it-all, but don't be meek either. Knowledge is always the key.

Beware, as well, of the seller who says "I can get more than that on eBay". As soon as I hear that, I thank the dealer and walk away. Don't fall for the "I have more than that in it" line either". I don't care that you overpaid, I'm not covering your loss. I stop the negotiation at that point, say thanks, and walk away. Again, knowing fair market value is the key.

Building a relationship with a trusted seller is also important. Guy I deal with on a regular basis requires no haggling. I have an automatic 20% off any marked prices. If still not in line with fair market value, he knows I won't hesitate to pull the Droid off my hip and double check it. He also knows what I buy goes into my collection, not on eBay or Craig's list for a quick flip.

Haggling is not a war, there are no real winners and losers if done right. Most dealers expect some haggling from a customer. It's when the customer (or the seller) becomes unreasonable or demanding that haggling turns bad. Be polite, be respectful, know what you're looking at, and when all else fails, simply say "thanks, anyway", and walk away. Haggle off the fair market value (it's okay to expect a little leeway on both sides of that price). If that doesn't work, wait. Another coin will come up. Be patient.

 

lol, gypsy bankroll