Jay,
Most people (at least in my case) are bidding on E-bay because they are
looking for a DEAL. Thus, (at least in my case) it is not only getting the
item, but at what price. Many times I will "refresh" almost constantly over
the last few seconds and see the price trickle up with differnt bidders.
They (we) are all trying to do the same thing. That is, be the winning
bidder at the lowest price, before it is too late.
By setting a maximun bid and letting E-bay's computer bid you up more often
than not will result in a higher price because the winning bidder will be
the guy who was willing to spend the most (regardless) rather than the guy
who got his bid in last (and highest), but without driving the price up.
As an example the King Dick wrench is at $60 a minute before the auction
ends. There are three guys interested. At the final seconds one bids $65,
the other $70 and the winner $75. Thus the winner saves $25 dollars (and
potentially $45) over the senario you offered.
It is more like a timed rally then and all out race. Granted it does not
work in every case, but I feel that more often than not I have still won
items and kept the cost down but last minute bidding.
I know for some they might not understand this "pinching" of a dollar here
and a dollar there, but due to health reasons I work only part time as a
college instructor. Last year I brought in a whooping $16,000 with no
benefits (and I have never been on any kind of welfare). I'm not crying the
blues, my house is paid for and my wife has investment income left to her,
but as you well know it is not cheap living in the eastern end of Ventura
County. Thus my frugality is what supports my Tiger hobby. Without such
methods of living, there would be no Tiger. I have nothing against the guy
who has money to buy something, but I really do enjoy the "thrill" of last
minute bidding (especially when I win). Regards, Tom Witt B9470101
----- Original Message -----
From: <Jay_Laifman@countrywide.com>
To: <tigers@autox.team.net>
Sent: Friday, November 02, 2001 8:06 AM
Subject: Bidding on Ebay and King Dick wrenches
> I just noticed this thread on bidding on eBay and last minute bids. I did
> not see it start. Perhaps I'm missing something. But, on eBay, I do not
> see how anyone needs to worry about last minute bidding. You set your top
> bid and the computer bids for you. If someone at the last minute outbids
> your top bid, and you are upset, then either (1) you didn't set your top
> bid as high as you really wanted to, or (2) you did set your bid as high
as
> you logically wanted to, but your hindsight emotions are telling you you
> should have bid more. If it was #1, then it's your own dang fault. If it
> was #2, then you should be glad you were not swept up in the moment and
> spent more than you really should have.
>
> For example, if there is this left handed King Dick wrench you just have
to
> have (Tiger content), and you put your bid down at $1,000,000, then nobody
> is going to outbid you at the last minute. If you are willing to buy it
at
> up to $100, and you only bid $90, and someone outbids you at $95, then
it's
> your own fault for not bidding what you are willing to pay. If you think
> it's worth $100 and you will pay up to $120, then put down $120 and you'll
> have no regrets. The only thing I see about this last minute bidding is
> that emotions are blinding people to the true value. If you are willing
to
> spend it, bid it.
>
> Also, as to the comment on public reserves, yes, you can do that on eBay.
> The seller can set the first bid price - which is basically a public
> reserve.
>
> Jay
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