When And How To Withdraw Your Ebay Bid

As you get ready to bid for that rare treasure on eBay, consider an important question: do you want to bid using the Buy It Now option or by entering a competitive price and bidding?

You'll need to ask yourself many questions before deciding either way.

Is the item an absolute must-have or can I wait and put it on my wish list? How much do I think the item will increase in value over time? Can I afford to enter a bid that goes higher than my maximum price? What will it cost me to win this auction if there is a bidding war for the item? How much should I bid so that there is little chance of another bidder outbidding me?

Let's begin with deciding how to bid.

There are two options: you can use the Buy It Now option, where you decide how much you want to spend and pay it immediately; or, if you place your bid strategically, you can win the auction by entering a competitive price.

If you want to know more about using the Buy It Now option, see our previous article "How To Sell On eBay: Beginners Guide to Bidding and Selling."

Here are some important points to consider when making your decision:

When You'll Gain More Value If you use the Buy It Now option, you'll gain more value from an item that goes up in value over time. Depending on how long you plan to hold onto an item, buying with the Buy It Now option is smarter than bidding a competitive amount. Plus, if you don't win the auction within a few days, there's a good chance it will go up in value again. If you lose the auction, you could put it on your wish list and try bidding again later. If the item is likely to go up in value, consider opting for the Buy It Now option. You'll be more apt to win your deal if you're not bidding with other high bidders.

If You Don't Mind Waiting If an item is a must-have and you're willing to wait until the last minute to place a bid, then it's probably better to enter a competitive price rather than use the Buy It Now option. This way, you can wait until last minute without worrying about someone else outbidding you — as long as you enter a competitive bid that's likely to win.

Will the item really go up in price? Sometimes the initial cost of an item will be low. But unless it's a new car that just came out of the showroom, there's a good chance you could have paid less for it originally. When you use the Buy It Now option, you're buying at an inflated value because no one else can compete for the item. If something isn't selling well on eBay, it won't be sold to anyone until someone bids higher than the Buy It Now price. The seller may decide not to sell at all until another bidder buys it at a higher value. Use this type of auction when you think it will go up in value.

Conclusion When you use the Buy It Now option, you'll be risking your savings over the long term. If you think the item won't go up in value over time, buying with the Buy It Now option means that you're only going to get what's left of the item after someone else buys it. If you're a beginner on eBay, it's best to bid low initially and raise your bid over time. When your potential profit is small, selling with the Buy It Now option is justifiable because no one else will compete for it.

When To Bid A competitive price may help you win an auction, but not all items are worth bidding for in this way.