Are you in the market for a new car or home? Buying a big-ticket item is a serious purchase decision that requires dedicated thought and attention to the buying process. Have you ever experienced post-purchase dissonance? It’s the sinking feeling we get after purchasing something with a substantial price tag.
This feeling inspires emotions of regret around the deal, and you may wish that you didn’t buy it in the first place. It’s possible to get a good deal on a big ticket item, as long as you take a strategic approach to the sales process. Here are 5-ways to ensure that you never get ripped off.
1. Do Your Research
It’s surprising how many people are willing to spend tens or hundreds of thousands of dollars on big-ticket purchases, without ever researching the item they intend on buying. This strategy is a fatal mistake that could cost you a ton of money.
Before you rush out to sign the paperwork, make sure that you’re getting the best deal possible. Research other retailers online and compare the industry pricing for your item. If you’re thinking about purchasing a new car, visit various online dealerships and select three agents that offer the best pricing.
One of the dealers may be running a special offer that covers some of the costs such as admin fees or registration. Others may offer a deep dealer discount for demo vehicles; if you don’t shop around, then you’ll never know.
2. Avoid Pushy Salespeople
If you’re wandering around a mall and that expensive Hublot watch in the jeweler’s window catches your eye, the chances are a salesperson will approach you. It’s critical to understand the nature of sales. Salespeople don’t care about your financial position or any of the details of your life. Salespeople care about closing the deal, and that’s it.
Don’t fall for sales tactics like rapport building and rebuttals. If you find a salesperson is attempting to pull you into a sales cycle, stop them short and tell them you’re not interested in purchasing today. If the salesperson continues to pressure you, complain and walk away.
Salespeople use sales tricks such as persuasion and manipulation tactics to entice your buying behavior and force you into purchasing the item. Some salespeople are so good at their jobs that you won’t realize you’ve been made a sucker until the cash register rings, and you’re walking out of the store.
To avoid these tactics if you happen to go to a car dealer. Be sure to go armed with your own car buying strategies; like knowing the true invoice cost and negotiating from that point upwards. Never go unprepared into a high-pressure sales situation.
3. Avoid “Too Good To Be True” Deals
If someone offers you a ridiculously low-ball figure on a high-ticket item, alarm bells will start to ring in your head. Pay attention to your intuition and walk away from the deal. Counterfeit and stolen items are sold around the world every second of every day.
Avoid this retail pitfall with your big-ticket item and only shop at authorized dealers or stockists. Buying something off of the back of a truck is a risk, you don’t know how the retailer got the item, or who suffered as a consequence.
4. Check For Hidden Costs
Some sales contracts can be confusing. For example, if you’re considering buying a new car and walk into a dealership, you’ll be greeted by a salesperson that will attempt to qualify you. During the qualifying process, you can expect the salesperson to ask you your budget for the repayment.
Unethical salespeople will try to push you into buying something you can’t afford. They may offer you a vehicle with a balloon or residual payment that closes when you trade the car in. This tactic means that you’ll have low payments that suit your budget for the first 6-months to a year.
However, when the payment moratorium ends, you’ll be stuck with a significant residual payment you can’t afford to make. The salesperson won’t care; they’ve made their commission. Unfortunately, you’ll be left holding the bag.
5. The Final Tip – Don’t Make Impulsive Decisions
Never buy on site, always take the initiative to walk away and research your prospective purchase before entering into settlement negotiations.
Salespeople take advantage of your enthusiasm and use it to try and close you on the sale while you’re on site, they know that the chances of you coming back are slim, so they’ll pressure you to purchase. Don’t fall for your emotions, keep a clear head and do your research.
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