Online auctions are a great way at getting things that you want at a price you can afford, but not everyone knows how to bid online and can lose out by not bidding aggressively enough. Here are a few tips on how to bid online that will help you improve your online auction success rate.
1. How much is the item worth to you, and how much is your budget. This sets the initial boundaries so that when you bid online for this item you don’t end up paying more than it’s worth. Keep in mind that you will need to pay shipping costs on top of whatever bid price you win the item at. Write down your top bid price and put it somewhere near your computer so that you see it when you’re checking out the status of your bid online items, and won’t be tempted to bid higher.
2. What are the rules of the online auction site? There are some online auction sites that allow you to place an upper limit on your bid but unless someone is bidding against you, the amount you pay doesn’t rise from the starting bid price. Other online auctions have a system where the amount you input into the system is the bid amount (unless someone already has a higher bid) – so if the current bid is $10 and you put in $15 that will make the next person to bid online on that item bid higher than your $15.
3. Keep an eye on the auction to see if there are other bidders interested in the same item. Even if you continue to have the highest bid, it will be a good indication if it’s possible someone will try to “snipe” the item from you in the closing minutes of the auction.
4. Make a note of the date and time that the auction ends. If the item is important to you, make sure that you are at your computer – with a good Internet connection at least 5 minutes before the auction is due to end. This means that if you see other people begin to place closing minute bids, you can decide if you want to bid online for this item again. Remember your budget boundaries – if you’re already bidding at your highest price, that means that if you bid again you will be over your budget and perhaps paying more than the item is worth.
5. When you bid online remember that there are usually many other similar items and if someone else bids higher than you, be prepared to let it go. If your price is what you think the item sells for, don’t pay higher just to win the auction. Online auctions are great places to find bargains but only if you’re careful about how you bid online and ensure that you don’t pay more than any item is worth!
