ON SELLING MY CAR III: FEAR AND GREED

On my last post dealing with the sale of my car I commented how I established a batna (best alternative to a negotiated agreement): I would try to sell the car for $7,000 or keep driving it a while longer. I had verified the black-book value and was confident this was a reasonable price.

The car was posted at the end of November and I only received two offers in December, both for $6,500. I turned them down, telling the prospective buyers that I was not prepared to go down that low. But, given the proximity to Christmas, these were the only two offers I received that month.

Soon I began to doubt my batna. Maybe I was asking too much? Fear. I should just call these people back and take the $6,500. Greed. I can save a ton on insurance if I sell the car now. More greed.

Eventually the car did sell for a higher price, but it took several offers. I constantly doubted myself and had to keep telling myself that it was a numbers’ game: sooner or later somebody would come along and take my offer.