May 8, 2008 11:19 pm US/Eastern
Haggling Can Pay Off During Tough Economic Times
BOSTON (WBZ) ―
Everybody likes to save money, especially during tougher economic times, and sometimes all consumers have to do is ask. Bargaining down prices can be an easy task even at big chain stores.
You can call it bargaining, negotiating, or haggling, but do consumers make it part of their shopping routine?
"No actually, I think I'd be too embarrassed to try," one shopper said.
"How can you haggle a store down?" another asked. "They're not going to let you haggle them down."
Deborah Kolb: Why some women are reluctant to haggle
WBZ sent a producer and photographer undercover into several big box stores. First stop, Best Buy. The crew zoomed in on two camcorders. One was priced at $499, the other was at $450 and they started negotiation.
"So, if I took this camera, could you do it for this price?" the WBZ producer asked the saleswoman.
At first the saleswoman said no, but when the producer persisted, she offered, "If there is a discount on BestBuy.com, I can offer you that."
After checking our producer was told, "It's on BestBuy.com for $449 so I can do that." Our team walked away with a $50 savings.
Deborah Kolb: What's the best time to haggle
Deborah Kolb: More good times to haggleNext stop was the TV department at Sears. Is it deal or no deal for a 42-inch plasma?
"Would it be possible to get the one that's a bit newer at the $1899 price?" our WBZ photographer asked.
The salesman agreed as long as a warranty is purchased, making for a total of $200 off the television.
"I think you can haggle over anything," said Professor Deborah Kolb of Simmons School of Management. She's the author of the book "Everyday Negotiation."
Consumer Reports did a survey and found in appliances, electronics, jewelry, furniture, when people negotiated -- and 30 percent did -- they had over a 90 percent success rate.
Kolb says when you walk into a store and know what you want to purchase, you should say something like, "I'm interested but the price is too high for me so can we talk about it? What you don't want to do is show that you're dying to have it."
Most of the time the salesperson will just say no, Kolb said. Then it's time to ask to see a manager. Kolb said you should suggest a price -- making sure it's not ridiculously low -- but not to high. "If they say $350 and you say $299, you're going to pay $325. But if you say $250, you'll likely pay $300," said Kolb.
If they won't budge on the price, try to get something else thrown in. That's what happened when WBZ's undercover team haggled over a television set at Best Buy.
When the photographer asked if the $1,799 price was flexible, the salesperson said no. They then asked to see the manager and when the salesperson returned, he said he did have something to offer. It was a special on setup and calibration, a $300 value, for free.
Deborah Kolb: Haggling strategies
Deborah Kolb: Additional haggling strategies
Kolb said, don't forget the most important haggling tool of all, "If she knows or he knows you can go someplace else, they may be more likely to give you the price you want."
Experts say stores have more leeway on big ticket items, but there's wiggle room even on $10 sweaters. The bottom line? The worst that can happen is that they say no.
Haggling Tips from Dr. Kolb: Do your research and know exactly what you're looking for and what the pricing has been.
If the salesperson says no, ask for another decision maker such as the department manager or the store manager.
Give them a price that you would like and realize you will probably meet somewhere in the middle.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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