Assigned Reading-The Secrets of Power Negotiating

This weekend I finished reading The Secrets of Power Negotiating by Roger Dawson and I absolutely loved it!  My copy is now marked up, highlighted, and will probably be reviewed every couple months. The book is about 10 years old, but the strategies and gambits are all still very applicable.  

The negotiating techniques can be used for a car purchase or other big ticket items, but it may surprise you just how often they can also be used for everyday things.

  • Do you ever need to convince your kids to do something they don't want to do? 
  • Do you need to bargain with your wife for a night out with friends?
  • Do you try to get a good rate on a hotel or rental car when you travel?
  • Ever hire a general contractor, plumber, or use a mechanic?
  • How about more money, benefits, or responsibility at work?

If you do any of these things, this book is a must read.  It cost me $7 (I bought it used on Amazon) and I couldn’t put it down.

Many techniques from the book made me think of car negotiations and I’ll give you an example to look out for.  It’s called “Nibbling”.  Nibbling is when one party gets you to commit to a deal psychologically before the transaction is completed.  Then, at the last minute they introduce more add-ons, fees, or request additional concessions. 

In a car purchase, once you’ve agreed on the price of a car with a salesman and picture yourself behind the wheel, the Finance Manager starts getting you to buy little extras.  For dealerships, these extras are one of the most profitable parts of the sale.  The Finance Manager will want you to pay for dealer prep fees and try to get you to buy an extended warranty, fabric protection, VIN-etching, etc.  The key to combating this technique is to be prepared.  Ask your salesman to list out any fees upfront before agreeing to a price, and be mentally ready to reject any add-ons that come up at the last minute.

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