I really like eBay.  The convenience of shopping for things that might not be readily available in my area is one benefit, and being able to score items for a decent price is another.  I joined back in 2002 and have made purchases for items ranging from a $3 copy of a Star Trek book I hadn’t yet read and couldn’t find anywhere, all the way up to the $1400 I paid for the notebook I’m writing this entry on.

So, after five years of bidding and selling (rather unsuccessfully, I might add), I thought I might share some of my experiences with how you can go about saving a great deal of money on eBay.

1. Know exactly what you’re looking for, and the maximum amount you’re willing to pay.  Then find that item and bid that maximum, knowing that you will not spend one cent more on that listing.

This lets you stay ahead of anyone that’s going to raise the bid amount with the little $5 and $10 increases, unless someone *really* wants it and outbids you.  If I had a dime for every auction I had ever lost where the selling price was less than $5 above my maximum, I probably wouldn’t be trying to save money with eBay purchases.

2. Make sure the auction ends during a time that you can’t keep an eye on the last-minute bidders.

Finding a deal on a sweet cell phone or LCD monitor early in an auction is quite common, as most of the time these items really sell during the last 15 minutes on the auction block.  Everything leading up to those 15 minutes is just for people who hope the item slips under everyone’s radar.  More often than not, the items I’m bidding on will end either when I’m on my way home from work, or when I’m in the middle of a very boring meeting.  By keeping myself away from last-minute bid increases, I prevent myself from going over my maximum (see above) and potentially paying the equivalent to retail for something that likely doesn’t have a warranty, anyways.

3. Bid on the item you want before checking out the other auctions.

The world is often “first-come first-serve”, so why not extend this to internet auctions, too?  By bidding on the first item you see, you can kick yourself 5 minutes later when another auction for the same item has free shipping.  Now you have the dilemma of bidding on this item as well and potentially winning two of the very same thing (which wouldn’t be bad if they looked good in a pair), or using one of your two semi-annual bid retractions.  Use your discression here.  If the item you want is a popular thing, say … a top-end Nokia phone, consider bidding on this second auction as well and hope fate will spare you the injustice of winning both items and paying a stupid amount on shipping for something you later found locally.  Otherwise, stick with the first auction and lose it in the closing minutes when you’re unavailable to re-enter a bid.

4. Trust that sellers know what they’re selling.

My favourite auctions are for electronics that come with pictures ripped right off the company websites and re-assuring words in all caps like “MINT” or “NIB” (often meaning “New, In Box”).  If you happen to win these auctions and the seller has a rating under 20, you might find that “mint” actually refers to what happens to a chocolate mint left on the dash of your car in the middle of summer, and “NIB” actually means “Nothing Isn’t Broken”.  These auctions are usually characterized by final selling prices being less than the cost of shipping.

So there you have it.  The four basic rules to save lots of money on eBay.  You’ve probably figured out that I don’t win very often, and since rules 1 through 3 have me losing … well … constantly (which is why I save lots of money).  I’ve never had number 4 happen to me, but I’ve met several people that have dealt with this.

If you have any suggestions for successful bidding on eBay, I’d be happy to give them a try.