How to save money when buying the big things in life
The other day I posted about the Negotiation Academy from webuyanycar.com that I attended last month. As well as having a delicious afternoon tea (diet be damned!) we were also treated to some fascinating talks and information from the panel of experts who appear on the online academy .
Financial expert Martin Chrimes discussed the purchasing of the big items in life – houses, cars etc.
1. Lay the foundations: decide what your budget is. Be sensible and only decide on what you can afford. Think about how the costs per month (if relevant) will affect your finances.
2. Beware if you are borrowing money to fund your purchase. Research the options available to you. In many cases financing is better arranged elsewhere. For example, if buying a car the finance they offer you will often be at a higher interest rate than with a bank. An added advantage to this is, if you have the money ready and don’t need to accept their financing, you are in a better position to negotiate.
3. Do your homework. Know what you can get for your money elsewhere. Research is so easy online nowadays. If you are looking for a house then you can check Right Move; for cars, Autotrader. Also, know the product you are purchasing.
4. When you find what you want don’t seem too eager. Be calm and collected.
5. When making your move, do it on your terms. Don’t listen to any sob stories the seller may give you ‘I need to hit my targets or I won’t get my bonus and my kids can’t have a bike for Christmas’ etc. Halve the initial offer and go from there.
6. Remember – you can always walk away! There will always be another car or another house. Don’t blow the budget to ‘save face’ or because you have invested time in it. If you do, it could have serious repercussions for years to come. You need to love your big purchases, be it a house, a car or a holiday.
Good luck if you’re planning on negotiating! Pop along to the Negotiation Academy for more hints and tips. If it saves you money, let me know!
*Disclaimer; I was recompensed for my time and expenses in attending this event.*