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Originally Posted by gary_580
amazing how many peopel say oh well it was only £10 more. I used to get cars from the auction, a friend came with me once and though i was mad not to bid anouther £100 and a car that was going for around £6500. I can see their point, another £100 to get it. But then theres the arguement that £100 can become £200 then £500 and before you know it youve been stupid.
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So true - but it depends how much you have to have that item and how comoditised it is.
If that car is a Ford Mondeo and another will be auctione 5 mins later, then yes; same on e-bay, if you can see similar items closing within the next 7 days then overbidding is foolish. If it is unique, or rarely auctioned then thats a different matter.
The Concorde memorabilia auctions are an interesting example of this. Back in October things were going for silly prices. £20 for a luggage tag, these days you'll be lucky to get £6 for it.
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Originally Posted by altis
The clock on ebay is spot on. My solution was to buy a radio-controlled watch and only ever put in a bid when there's less than 5 seconds to go. With practice (and nerve) I can get it down to the last second. Also, this makes you seriously think about your maximum bid.
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Sniping - there is software that can do this for you as well. When I'm bidding I'll often go in during the last 30 mins and up my maximum price by say £1.05 so any sniper coming in with a bid 20p higher will not grab the item.