Broadly speaking, is including a 'buy it now' price on an auction a good idea?

dan2814
Community Member

Hi everyone,

 

I was wondering if adding a buy it now price to an auction results in lower overall sales prices and sales, or whether it is a good idea to give people the option of snapping up the item quickly? 

 

Many thanks,

 

Dan

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Re: Broadly speaking, is including a 'buy it now' price on an auction a good idea?

It probably does no harm at all to add Buy it now to an auction. It can give the perception that the item is better quality than you first realised from the starting price and if you get it lower, you may feel you have nabbed a bargain. All the same, I think some BIN prices are far too ambitious.

 

But.. I would think very carefully about what starting price I had as I would guess most people are going to be inclined to make a starting bid rather than BIN. Once they do that, your BIN price will disappear and all you will be left with is a normal auction, so you need to make sure you have a starting price you're happy with.

 

A few weeks back I saw a food processor on ebay $50 starting price $160 BIN. I recognised the exact same ad/photos on Gumtree asking $170. It showed they had already had one offer, which obviously they must have knocked back.

But it gave me the impression they were wanting over the $100 mark.

 

I made a bid on ebay, no one else bid, so I got it for $50. I was half expecting them to renege but they didn't as they were moving overseas. They were okay with it but were probably kicking themselves they didn't just take the earlier gumtree offer. None of it my fault as I had put in a higher bid but just had no opposition.

 

Moral of the story-start the auction at the lowest you really want to accept.

 

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Re: Broadly speaking, is including a 'buy it now' price on an auction a good idea?

If they're 3XY, I'll happily cough up for any I haven't got! (although, there's not many 80's ones I don't have).

Generally speaking, they used to pull reasonable money until a guy with several thousand doubles completely flooded the market a few years back. Now, you're pushing to get $5...

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Re: Broadly speaking, is including a 'buy it now' price on an auction a good idea?

At times I am amazed at what buyers will bid for items, unfortunately not mine, often on store sites they sell items both BIN and auction separately and the number of times I have seen buyers bid an item up over the BIN price they could have bought it for.

 

Some times if you list a good auction start price you can only add a BIN at +30% of your start price, it takes your BIN price over new price. 

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Re: Broadly speaking, is including a 'buy it now' price on an auction a good idea?

If you know what you're after and know that the BIN price is good then I will use BIN cause I'm

happy to pay it and I am happy for the poor seller to get the price they want as the seller is the one out there

slogging to make a living, Woman Wink

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