I’m going to bid on my first ever item on Ebay and need some help with something. I read really briefly about the option of using a ‘maximum bid’. From what I gather, you tell Ebay what your maximum bid is and they keep you on top of the bidding by adding just enough extra only when it’s necessary. It this right?
How often will they update your bid?
Are there any disadvantages in using the maximum bid feature?
The only disadvantage to using the maximum bid feature, that I’m aware of, is deciding after the fact that you’ve either a) put too high a maximum or b) don’t want the item afterall.
They will use your maximum level anytime someone goes higher than your current bid.
What you need to know, again my opinion only, is that there is a fair amount of dishonesty on eBay that eBay itself can not or does not try to regulate. You should also avoid getting sucked into the psychological game of wanting something so bad that you’re willing to pay near, at or even above the retail price. Winning an auction is not the aim; getting the item at a more or less fair price is.
Lastly, be aware that if you really, really want something, the last couple of hours and even last few minutes is when the real action takes place.
All this from someone who has yet to successfully purchase something on eBay.
Check out the sellers profile. If, for example, from 10 Sales the seller has 8 bad reviews, I would re- consider if you really want to buy from this person. In this case the seller has never sold anything before!
Do not start bidding too early, you only push up the price up. My Tip: wait until the auction is nearly over (the last few minutes), then start bidding up to the price you are willing to pay. It’s good when you have a fast connection, because you have to press refresh alot.
Your bid is updated immediately. For instance:
Item first bid starts at $50.
You enter maximum bid of $100.
eBay lists you as first bidder at $50.
I enter maximum bid of $75.
eBay lists you as high bidder at $76.
I enter new maximum bid of $90.
eBay lists you as high bidder at $91.
Three seconds before end of auction, I enter new maximum bid of $127.53.
I win auction for $101.
The three second ending entry bit is called ‘scalping’, I believe. That’s the biggest disadvantage to max bid. You get scalped at the last second. It is a technique I have used, but it doesn’t always work.
The next disadvantage is when someone else is the high bidder, and you really want item, and you enter a max bid much higher than you really want to pay, and you win. Sure, you get the item, but at higher cost.
Other things:
The bid that wins is not what you pay. Read sellers listing for details on payment method. Money orders cost money, too. And especially read the shipping charges. Most sellers will charge YOU for shipping. It is NOT included in the bid price.
Check and see if bid has a Reserve Price. This protects the seller from having to sell at an outrageously low price. Winning bid must beat the reserve, or the sale can be cancelled at sellers discretion.
If starting price is listed as $50, and there is a reserve of $75, which you don’t know yet, and your max bid is $100, then your starting bid will automatically be updated to $75, not the $50 starting bid.
MOST IMPORTANT: Only bid what you are willing to pay, plus shipping.
Just noticed, have you had a look who has already put a bid in?
Yep, and I know him.
The bid that wins is not what you pay. Read sellers listing for details on payment method. Money orders cost money, too. And especially read the shipping charges. Most sellers will charge YOU for shipping. It is NOT included in the bid price.
Sorry if this is a stupid question, but do back deposits cost extra? I’ll pick up the giraffe personally if I win the auction.
eBay lists you as high bidder at $91.
Three seconds before end of auction, I enter new maximum bid of $127.53.
I win auction for $101.
Why $101? What caused that jump?
remember, your hypothetical maximum bid is for $100. and so, when willfcc placed his hypothetical maximum bid for $127.53, ebay compares your maximum bid to his. and since your maximum was only $100, it places his final bid at $101.
so if someone else comes along and places a maximum bid of $10000 at the last second, he would win the unicycle for $128.53 since willfcc’s maximum was $127.53. understand, or did i befuddle things again…
don’t forget to leave generic goodwill feedback.
‘GREAT EBAYER!! FAST SHIPMENT! WILL DO BUSINESS AGAIN!!!’
Hey yeah, that helps explain things for me as well. I only tried to bid on e-bay once ever. And I couldn’t figure out how come no one expept me bid until the last few minutes. And my prize was snatched away by fifty cents more than the maximum I had set.
Now that scenario all makes a little more sense.
If I go for the e-bay adventure again, I will develop a more sophisticated strategy.
Placing a bid at the last minute is called “sniping”. It’s what all the experienced bidders (ie - “broke people”) do.
You’d be surprised how popular sniping is. One time I lost an auction with only 4 seconds left.
There are currently a lot of programs that will facilitate sniping for you. You just need a steady internet connection.
Don’t have one? Some websites will snipe for you: http://www.esnipe.com/ (Edit: They do charge money for this, though there’s a free trial period.)
Try not to spread the info around too much, otherwise we will never win auctions again. I share this only because the unicycle community is cool beans.
EBay is better for casual snipe resistance than Yahoo Auctions were; there you could get a little countdown timer that went by the second, so you could time your bid extremely accurately.
