Quote:
Originally Posted by AJRodriquez
I have to agree - I put up my maximum bid right from the start, if it goes past it - then it wasn't meant to be.
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I don't do this because it gives others more time to put in repeat bids until they have beaten your maximum.
For example, if there are only two of you bidding on an item then here's how it goes...
The current bid is £2 by only one other bidder.
6 days before the end you put your maximum bid in of say £60 and EBay puts in a bid of £3 for you to make you the highest bidder. The other person now has 6 days in which to make further bids of £10 (EBay bids £11 for you), £15 (ebay bids £16 for you), £20 (EBay bids £21 for you), and so on and eventually the other bidder gets the item for £61.
If you'd waited until the last minute to put your £60 bid in then EBay would have bid your £3 for you, the other person may only have had time to put in his £10 bid before the auction ended and you'd have gotten your item for £11.
Even if you do end up winning with the bid that you put in 6 days before the end, you've still given the other person time to put in further bids and hike the price up to more than you'd have had to pay if you'd just waited.