Gyrogami Blog - Precious Metals, Jewelry, Artwork

Check the Price!

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Categories: Experiences and daily life; Human nature

Word count/read time: 488 words; 2 minutes

Except for the 1%-ers, price is a crucial factor. We normaltons work hard for our money and want the best return or value. Each person has their own idea of what something is worth though it doesn't preclude us from buying expensive items, even - or especially - if they're not necessary. Or feeding our addictions, because that's always money well spent.

Hounding the internet for great deals is a rite of passage. Sometimes prices are fairly consistent; other times they wildly fluctuate. I recently searched for special silicone bands and found 240 for $60 ($0.25/ea) instead of a set of five for $7 ($1.40/ea).

At some point, however, saving a few bucks defeats the purpose. An acquaintance of mine bought a $10 AC adapter but found it elsewhere for $7. He drove countless miles to save that $3. Altogether it was nearly an hour. The IRS mileage rate said it was about $20. Penny wise and pound foolish!

We get tricked into paying more with clever marketing tactics: last one, limited time, special purchase, only X per person, reduced for clearance, etc. While laws govern how prices can be advertised, they mean little when we get that bite to own something.

Other times we pay more because of the following:

Seller has a good reputation
Desirable or prestigious name brand
We didn't look elsewhere
Higher prices "always" mean better quality
Bidding war
Emotional attachment
Convenient or simple
Time-critical
Scarcity (by rarity and/or demand)
Previously owned by a famous person
Has a unique or unusual historically significant pedigree
Current fad
Warranty or guarantee
Ignorance and/or stupidity

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At an industry show, one rep confessed that just a handful of manufacturers made one particular item and everyone else, literally hundreds of companies, rebranded it. Researching the lineage can save money. If the only difference is a sticker then save 50% or more for a "no-name" brand. Many items fit this scenario.

Sellers need to be keenly aware of pricing trends unless a because exclusion applies. If someone informs you your item is overpriced it doesn't mean they are lowballing you. Looking like a fool asking 10x the real price doesn't instill confidence in potential customers. Neither does continuing to act like an ignoramus afterwards. The endowment effect is contrary to reality.

And the price isn't always "the price." One tactic worth trying, successful more often than not, is asking for a discount or negotiating. If you're a new customer, it's even more persuasive to request a (first-time buyer) discount. If you have a second email and an alternate mailing address, that first-time buyer discount becomes twins!

Price is only part of the equation. What one person values may be another's trash as the saying goes. If at all possible then barter for your goods as both parties get the highest value possible in the exchange.

Posted by M: August 14, 2025

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