Monday, November 26, 2012

How to Bid to Save Money on eBay

I have had a busy couple weeks selling some things on eBay.  I have been quite successful in selling.  The prices I have sold a few items have really pleasantly surprised me.  Like a couple Wii Games that I paid probably less than $30 years back sold for $45.  Money for new toys!

But anyway, I noticed a huge mistakes that buyers were making that make sellers happy.  There are a couple good rules to follow to help you, as a buyer, get a better price.

  • Rule #1:  Don't bid early.   If the auction is not ending for 7 days, there is no need to bid early.  You will just drive up the price of the item.  Rule #1:  Don't bid early. However, there is one EXCEPTION to this rule.  If the item has a buy it now price and you are certain you want the item but don't want to pay the buy-it-now  make a bid.  Otherwise, someone might come in and purchase the item with buy-it-now, ending the auction.
  • Rule #2:  Don't bid often until the auction is nearly over.  I can't tell you how many times I have seen two or three bidders bid up the price on an action days before it is over.  All bidding up during the week does is ups the final auction price.  For example, you see an item you want.  There are five days left in the auction and you bid on it.  Another person bids on it.  You bid again, they bid again and so forth.  By the time the auction is over, it has had 15 bids and the price has been driven up.  If you can wait till the auction is nearly over, other people may not be able to get as many bids in, keeping the price lower.
  • Rule # 3:  Bid at the last minute.  If you wait till literally the last minute to bid, you will not give others the chance to beat your bid.  That being said, you have to be available to bid at the time the auction is over, which isn't always possible.  If you do last minute bidding, I would suggest determining how much you are willing to pay and enter your highest bid in.  eBay will not use your highest bid unless someone has already put other bids in.  This way, if someone is bidding by proxy (they put their highest bid in already), they may not win the auction (unless their highest bid is higher than yours).  If you just put in a simple bid for the next dollar amount, they may have put an automatic bid in and you may not have time to up your bid.
Don't forget when buying on eBay, that you can get up to 6% cash back by visiting Ebates first!

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