Win-Win Negotiation: How I Made $500 In Ten Minutes

 “I’d like to add that negotiating is not something to be avoided or feared – it’s an everyday part of life.” ~Leigh Steinberg

Win-win negotiation means that both parties leave the negotiation happy. Of course, you want to get what you want, but the best negotiations leave with both parties feeling satisfied. 

How I saved $500 with win win negotiation

Win-Win Negotiation in Everyday Life

There is hardly a consumer situation I’ve encountered that wouldn’t benefit from a little negotiation. If you take the opportunity to negotiate-for a better price or an add-on service, you’ll bank more money over time. And each year, tack on extra cash and over time, it adds up.

Here’s a story from the beginning days of this website, to show you how a bit of organization and negotiation saved me $500.

Several years ago I got a call from the mechanic looking at my 1998 SUV with 100,000 miles on the odometer. He had the nerve to tell me that my timing belt needed replacing. Ordinarily, on an older car it shouldn’t come as a surprise. Yet, I had recently replaced the timing belt.

A quick view of my computerized record of all of my car maintenance showed that the timing belt had been replaced at 90,000, just 10,000 miles previously. Now, I didn’t remember the manual suggesting that the timing belt needed replacing every 10,000 miles. So, I asked the mechanic, “How long is the timing belt supposed to last?” 

He replied, About 60,000 miles.

In a matter of fact and cordial tone I mentioned, “You just installed a new timing belt about 10,000 miles ago and since the average timing belt life span is about 60,000 miles, I’m unwilling to pay for a new one.”

In this win-win negotiation strategy, I laid out the problem and surrounding issue. That same mechanic had recently installed a new timing belt. If the car needed a new one, and that same mechanic had installed the old one, then it’s unreasonable for me to pay for another one just 10,000 miles later. 

1 2 3
View single page >> |

Disclaimer:  I am a portfolio manager, former university finance instructor, and successful investor committed to sharing my personal finance expertise with you. I am not a licensed ...

more
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
Barbara A. Friedberg 3 years ago Author's comment

Hi Alex and Bill,

Alex, I also am cautious and that's why I keep detailed records of when I had work done, what it was and the cost.

Bill, Agreed. We were kind of in the middle as it had been awhile since the belt had been replaced. If it was a shorter time period or fewer miles, I would have fought harder for the mechanic to pay for the entire bill.

Alexa Graham 3 years ago Member's comment

Great story with the mechanic. I always fear they are trying to rip me off!

Bill Johnson 3 years ago Member's comment

My take would have been that if the belt was good for 60k miles, and it failed after 10k miles, the failure must have been due to an improper installation or faulty part - which is their responsibility. They should have replaced it for free! But as you said, often you end up someplace in the middle, even with the best negotiator.