If you shop for merchandise on eBay, you will often be faced with the decision of whether to just pay a fixed price for an item or place a bid. You’ll encounter the “Buy It Now” option most frequently on popular items or merchandise that is easily purchased elsewhere, like electronics or newly published books. It’s not as prevalent an option when the auction item is rare or collectible. In those cases where you do have a choice, should you use that “Buy It Now” button or try to outbid everyone else? It’s all a question of evaluating the pros and cons.
The Advantages of “Buy It Now”
When you use the fixed price option, you know the asking price and you can make an informed decision about whether to pay it or not. You can easily compare that price to others online to see if it’s fair. You don’t need to keep your eye on the auction or get caught up in the last-minute bidding madness that is a certainty on any popular item. Not only that, but the item’s owner will be pleased to get a fixed price for the item and will ship it as soon as your payment arrives. It offers a sense of instant gratification for both the buyer and the seller.
The Disadvantages of “Buy It Now”
You will almost certainly pay more for the item if you pay a fixed price, even it compares favorably to other prices online. Why? Because unlike other online retailers you can’t avail yourself of coupon codes, liquidation sales, corporate and student discounts or other special circumstances that save you money. An eBay seller knows how much the item is worth and won’t take a loss just to give you a discount. A big box store, like Walmart or Target, is in the discount business. They’re better equipped to offer rock-bottom deals and will price-match another store’s sale circular.
When to Pay a Fixed Price and When to Bid
If the item is priced competitively and the seller has a very high feedback rating, go ahead and click “Buy It Now”, especially if you want it now. If you really enjoy the fun of bidding and don’t mind waiting a week to see the outcome of your efforts, stay on and bid. You should pay a fixed price, however, if you see that option on a hard-to-get item, such as an out-of-print book or a rare collectible. Sometimes sellers just want cash fast, so they may offer the “Buy It Now” option, regardless of the item. It makes sense to go for it, if you suspect that there may be multiple bidders. You should also hit “Buy It Now” if there is little difference between that price and the opening bid. Why risk bidding higher and higher? Just pay the fixed price in those situations.
Considerations
In reality, there are many strategies to use on eBay, whether you’re a seller or a buyer. Keep in mind, though, that most eBay customers are just online shoppers who don’t know what they’re doing. A little homework can help you outsmart them and get the best deals.
