Post #1

When doing the used car negotiation in class I had to sell my used 2010 Pontiac vibe. I was in the process of buying a new Acura from a dealership and the down payment for it was roughly around $8,500. I first offered my aspiration price to my buyer at $9,000. She declined my offer because of her money situation and another offer on the table she had. After that decline I offered her a bargaining range of $8,500. She did not agree with this price because she did not have the money for it. After this i told her my reservation price was $8,000 and I would throw in a new car freshener. I also had asked her questions about the other offer she had and attempted to get as much information about that car as I could. She explained to me that the other offer was an old Jeep Cherokee that was not in very good condition and would most likely not last in the long run. This is when I used the "Bring Up Future Needs" tactic. After lowering my price to the lowest amount and hearing about her other offer I was able to bring up the fact that if she needs a car and wants it to last for her my Pontiac Vibe would be the best decision. My car is in good condition and only has 51,000 miles on it whereas the Jeep has well over this amount of miles. I convinced her to save up money for a vacation in the future and to purchase my car today because it was something she needed and would last her a while. I asked her to prioritize a vacation or a car and which one she needed more. Obviously she had choose the car because that's an every day necessity for most people. We closed our negotiation on $8,000 which worked out for me and she got a car that would last her for awhile. The things I found difficult while participating in this negotiation was trying to come up with solutions around her problems. For example, she had another offer from someone else and really wanted to go on a vacation that she was saving up for. She also had a spouse that was concerned about how much she would spend. In a way I almost felt bad for her because she was obviously low on money and had other expenses to worry about. This is what lead me to drop my price by $1,000 and keep $8,000 as my resistance point because I had to be smart with my money issues as well.