How to save lots of money on big purchases?

TL;DR: So, if you plan to buy something of high value:

  • Have patience.
  • Do price comparisons.
  • Do research.
  • Visit at least two places.
  • Consider being aggressive in negotiations.

Through surveying more than 1,400 car buyers, Silva-Risso and his co-authors, Fiona Scott Morton, of Yale University, and Florian Zettelmeyer, of Northwestern University, found buyers could save about $800 if they find out what a dealer pays for a car, visit two dealerships, like to bargain and like to do research and price comparisons before making a purchase.

The research also found that a consumer who doesn’t like to bargain or do a lot of research can save $230 by doing just two things: finding out what the dealer pays for the car and visiting two dealerships.

“This really shows that even the consumer who doesn’t like to bargain can get the price reduced if they are informed,” Silva-Risso said. “And, if they are aggressive, and like bargaining, they can save even more.

Source & More details: How to save $800 on a new car | EurekAlert! Science News »

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