always get more than one quote

30 Second Finance: 4. 8 June 2018 – Always get more than one quote for any work you get done!

Before I started working in my current team, I had no idea about best value practices. If I needed to get some work done on my car or buy an expensive item, I used to get a quote from someone and if it seemed reasonable, I’d do it.

 

However, if the quote seemed unreasonable I’d assume that the price I was given was appropriate market value, but that I simply couldn’t afford the works or item, so I would have to figure out an alternative or leave the works or item until such time as I could afford it.

 

Why that’s not the best way

Once I started working in a team that procures specialised goods and services on a regular basis, I very quickly learned the value of shopping around. For any services or products we are looking to procure over $1000, we have to get at least three quotes for each product/service.

 

These quotes rarely come back at the same price. Sometimes there’ll be a difference of a few hundred dollars, other times the difference will be in the thousands. These differences in quote prices are demonstrative of why you should always get more than one quote (preferably three). Unfortunately, businesses aren’t designed to care about our interests, they’re designed to make money!

 

Cheers, TFC.

 

Posted in Money Saving Tips, Time-poor Finance and tagged , , .

The Flawed Consumer is a Gen Y consumer that is on a mission to achieve wealth simply by changing spending and lifestyle habits.

2 Comments

  1. Three quotes used to be my rule of thumb too, until we moved to a slightly higher COL area — and I now get 5. If that sounds ridiculous, it’s because it is — and has to be. Replacing my driveway: range was $4750 to over $11k. Repairing some minor foundation damage: range was $750 to $4500. UNREAL.

    • It’s crazy isn’t it?! Three is definitely a minimum as it allows moderation, but the more the better! 5 is a great principle to stick by. Cheers.

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