We've all done it. We've all bought something because of a sales tactic. It might have been a small $1 purchase, or it might have been something as big as a house or a car.
Next time you are about to buy something, I want you to think about the possible sales tactics that are surrounding you. There might just be one sales tactic, or there may be hundreds. Below are common sales tactics that you may be falling for.
Only thinking about the monthly payment.
Whether you are about to buy a car, a house, an appliance, or something else, many companies try to sell their customers on the monthly payment. This is because the monthly payment usually sounds much better than the overall payment.
Paying a monthly payment of $100 sounds better than an overall price of $10,000.
Or, some stores even break your payments into a weekly payment, such as $25 a week. This makes people think that this is much more doable, even though they are actually just paying the same amount of money.
Before you get so focused on the monthly payment, you really need to think about the overall cost. How much will that car actually cost you if you have an 84 month loan? How much will that laptop cost if you are paying for it weekly? How much more money in interest will you be paying?
Once you think about the overall cost, you may think twice and decide not to buy the item.
A limited-time sale.
Some stores like to create a sense of urgency and make their customers feel like this is the only sale that they will ever have.
However, that is usually not the case. Usually stores have revolving sales that are timed, so you don't HAVE to buy something at that time, because there will most likely be a sale again.
There is a store in the St. Louis area that used to always have a “Going Out Of Business Sale.” This sale happened every month for what seemed like a decade!
Instead, only buy an item if you actually need it. If you are only buying it because it's on sale, is it really a good value?
Relying on the mirror at a clothing store.
Have you ever bought a clothing item, think you look great in it, only to get home and try it on again and think that it looks horrible?
Yup, this happens a lot.
Many clothing stores have “special” mirrors or weird lighting that will make you look better in their store. This way you will buy the item and then they've made the sale.
If this has happened to you, don't be afraid to return the item. I know so many people who hate returning items and just lose money because of this. Just return it!
Buying an extended warranty.
For many expensive products, an extended warranty is offered. These usually cover the product after the original manufacturer's warranty is over. Extended warranties are usually significantly overpriced, and you may not even have the product anymore when you actually need to use the extended warranty.
We made a mistake buying an extended warranty before: We bought a lawn mower a few years ago and decided to buy the extended warranty as well since we always have bad luck with expensive items. We paid extra for the warranty, and the lawn mower actually broke after the FIRST use.
We brought the lawn mower back, and it turned out that the original warranty nor the extended warranty covered what happened. The extended warranty only covered the repair if we would have replaced all the wiring after EACH time we used the lawn mower (which was once). It was ridiculous. Many extended warranties have weird clauses like this, so always make sure to look into that before purchasing an extended warranty.
Don't get me wrong, sometimes an extended warranty is a great idea. However, other times they are just a huge waste of money. If you do decide to buy an extended warranty, always try to negotiate the price of it, because it can most likely be negotiated (whether you are at a car dealership, Home Depot, or somewhere else – it does work).
One time we were offered a warranty when buying a dryer. We said no, and then the salesperson dropped the price significantly. We ended up buying it because I think it was around $12. It was probably still a waste, but at $12 it was hard to say no on an expensive appliance.
Getting items for “free.”
Have you ever bought something because you would get another item for free?
Maybe you fell for a B1G1 sale. This is where you buy one item and get another for free, but you probably don't even need that second item.
Or, maybe you are told that if you bought a $15 item that you would get an extra $25 in free product.
This is a sales tactic that MANY places use. Before you fall for it, determine if you actually need the product and all of the extras.
What sales tactics have you fallen for? Have you ever regretted a purchase because of one?
Are you in debt because of a certain sales tactic? Tell us!
Join the free Master Your Money course!
Join the free email course and finally learn how to manage your money better, pay off debt, save more money, and reach financial freedom.