With money being tighter these days, its no surprise that over half of us are now more prepared to drive a hard bargain!

Even with bigger items such as cars and televisions, we are now prepared to haggle according to research by CreditExpert.co.uk.  

However, many of us are not prepared to negotiate when it comes to financial products!

Driven by fears of an economic downturn and amid the rising cost of everyday goods and services, more than half (57%) of us  said we were more likely to try and negotiate a discount now than we  were twelve months ago.

CreditExpert’s study examined the situations in which we would feel comfortable negotiating prices and found that 47% of us would be prepared to ask retailers for a better deal.

However, we are all far less comfortable negotiating for a better deal on a loan, mortgage or other financial product; only 16% of us are prepared to give it a go!

Jim Hodgkins, Managing Director, CreditExpert.co.uk, commented: “The credit crunch appears to be having a significant effect on our haggling behaviour and as our wallets feel the pinch, we are less willing to settle for the advertised price.

“As many people don’t understand financial products in the same way they do consumer goods, they lack the confidence and know-how to be able to get a better deal. Reviewing and understanding your credit status can put you in a stronger position as lenders will sometimes give the top rates and deals to those with the best credit ratings.”

Based on a survey of 1,040 adults which looked at negotiation behaviour and changes in haggling skills in the last year, the results showed that: 

• Men are better at haggling.  The average woman saved £217 on a single product by bargaining, but men saved an average of £343 each
• Over 38% of you questioned had successfully negotiated a better price for a new car and 60% of you admitted to feeling comfortable asking for a better deal on home entertainment products, such as a TV or stereo, from a technology retailer
• 77% of you believe that confidence is key to walking away with a better deal
• More than half (57%) of you questioned consider yourselves good at getting a bargain or negotiating for a better price

Most confident negotiators in Eastern England

Those of you living in Eastern England have the best negotiating skills and are willing to put them into practice with 66% of you claiming you have great negotiating skills and 67% are more willing now than 12 months ago to try to get a bargain. That’s 10% higher than the national average.

Those living in the North East are not as successful when it comes to haggling for goods. While 87% of you living in the North East believe that confidence is the key to getting a bargain, you are not as keen to attempt to negotiate. More than a third of you believe you have poor negotiation skills; two-and-a-half times the national average of 15%.

Over-confident youth?

The younger ones among us are the most confident when it comes to negotiating, with 63% of you aged 18 to 24 believing that you are good at haggling.

But when questioned further, the research reveals that while you are full of confidence, you are actually the least likely to bargain successfully! This is because you achieve the lowest average reduction in price for a single product of £171; that’s £115 less than the national average.

In comparison, the more hands (those aged 45 to 54) are the best negotiators, making an average saving of £362.83 on a single transaction.

Jim Hodgkins says: 

“Keeping on top of your finances and knowing your credit status can give you confidence when trying to get the best deal on your loan or mortgage, just as knowing about cars and consumer goods is helpful when haggling on the price. At a time of future economic uncertainty it’s more important than ever for people to be optimising their credit payments.”

CreditExpert provides you with a summary of your credit status and alerts you to significant changes on your credit report.

You can get your free credit report with a 30-day trial at www.creditexpert.co.uk.

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