However, I have never understood the point of the exercise. If the item is worth BIN or more, buy. If not, put in the minimum acceptable bid to kill the BIN option.
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That is exactly the point; people look at the item, put it on their watch list to snipe later on, then they move on and may find something else, never to come back. If there is BIN and they think, what if somebody snatches it before the auction ends? And they may place a bid and stop looking. But if the BIN is so ridiculously high they are more likely to take the chance to wait before bidding.
I list some items at the price I would be just OK about, others at price that would make me a nice profit, with the same BIN that is my dream price. Lets say something that I would really want to get a minimum $260, I would list at $260 with BIN $300. If it does not sell and I want to get rid of it I might drop the price to $230 and BIN $300. Now, with having to go 30% higher than the starting price the BIN is getting quite ridiculous.
But saying that, I just sold one item with only short time to go for the extraordinary BIN. 🙂 So, I am about $70 better off than if I was free to determine my BIN price.
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Voltaire: “Those Who Can Make You Believe Absurdities, Can Make You Commit Atrocities” .
