I was selling my car to fund my startup. A car broker called, we agreed on the price over the phone and he said he would come and pick it up later.
As we were finishing up on the paper work and he was about to write the transaction amount, he looked at me and asked if I could reduce the price a bit more.
He said he came all the way over to pick up the car and somehow I succumbed to the tone. In reality, it was just a train ride for him.
I reduced the price by the equivalent of USD600 and only after I agreed, it stuck me what I have done. However, even after I realised that I couldn’t tell him I don’t agree and revert the price because of my ego. He nailed my two personality weaknesses, empathy and pride. To him there was no downside in asking.
Last time someone bought some furniture from us and he asked a similar question but he was very blunt so by instinct I just declined him.
I checked with the car broker if I could keep the car for another month but he quite subtly declined so he stood his ground when I didn’t.
While I appreciate his shrewdness, it was honest bad negotiation on my part. I have to admit to myself I am a really bad negotiator and sales but this was an experience. It was such a novice mistake that I really couldn’t believe I was doing it. I had to counsel internally by telling myself that another car broker may have bid lower so I still made a gain but deep inside I know I did something wrong.
The guy probably makes a few thousand dollars every month just from asking people this question as some like me might just succumb to him on the spot.
My wife and I think so hard what to eat at lunch/dinner every day just so we could save a few dollars to fund my entrepreneurial journey but when I am forced to make a decision on the spot, I just gave away $600 for really nothing. I won’t see the car broker likely again so I am not investing in him.
That feeling made me sick to the gut and after reflecting I know I must have given away so much money during my life from these on the spot decisions.