This is a quick little how-to that will hopefully save a few people some pain. I’m going to presume you know what eBay is and how their auctions work.
eBay auctions are designed to make potential buyers nervous about the idea of losing the auction to someone else.
The recommendation given to avoid this is to bid as high as you’re prepared to pay as soon as possible. This is, however, the worst possible thing you can do because lets anyone else looking at the same listing that:
The inevitable outcome is that they will increase their bid until they’ve outbid you (and in doing so worked out how much you’ll pay). You, outbid and now committed to winning the item, increase your bid; they increase theirs; and so on and so on goes the game of one-upmanship until the time runs out.
Net result? You’ve either lost the item to your competition or you’ve won it but in the process spent WAY more then you intended to.
Good for the seller, great for eBay, bad for you.
The other thing I see is people who wait until the last second to place their bid (a good strategy…) but place the bid based on how much the item is selling for (e.g. “it’s at $50 so I’ll bid $55″). This is another good way to miss out.
Here’s how to maximize your success rate when buying on eBay whilst minimizing the effects of getting into an impassioned “bidding war”…
If you win the item you’ll have won it without letting others know what you were prepared to pay. If you lose the item it wasn’t yours to win in the first place with your budget.
It might seem a bit scary or a bit clinical, but anything else is playing straight into the hands of the business model eBay have created.
HINT: eBay set it up like this to maximize their profit, so it’s in their interests that you completely ignore my advice.