Why do people bid at the last moment?

gazzak_2

It's a bit like poker, you don't show your hand until you need to. A buyer gets absolutely no advantage from bidding early, but can gain a great bargain by bidding very late. I always time the last minute of an auction I want to bid on, and will press the final "confirm bid" button about 5 seconds before the end.

JoeyG

None of these answers really explain why people bid at the last minute

Your maximum bid should be exactly that - the maximum you are prepared to pay... if you are put out cos someone beat you by 20p then you didnt set your maximum bid correctly at the start

I fail to see what advantage you gain from bidding at the last minute... you will not get it cheaper, you will get it for a little more than the next highest bidder, same as if you bid right from the start... your max bid is never on show so no-one really knows!

davetrousers

Oh dear some people don't seem to get it. And on a money saving forum too!

StaffsSW

JoeyG wrote: »

None of these answers really explain why people bid at the last minute

Your maximum bid should be exactly that - the maximum you are prepared to pay... if you are put out cos someone beat you by 20p then you didnt set your maximum bid correctly at the start

I fail to see what advantage you gain from bidding at the last minute... you will not get it cheaper, you will get it for a little more than the next highest bidder, same as if you bid right from the start... your max bid is never on show so no-one really knows!

Never heard of, or experienced a bidding frenzy?

If only one person has bid on an item, and you come in at the last few seconds with your maximum, they won't have time to re-bid and push the price higher.

adouglasmhor

stevew8975 wrote: »

Never heard of, or experienced a bidding frenzy?

If only one person has bid on an item, and you come in at the last few seconds with your maximum, they won't have time to re-bid and push the price higher.

Leave them alone, and direct them to my auctions please

JoeyG

stevew8975 wrote: »

Never heard of, or experienced a bidding frenzy?

If only one person has bid on an item, and you come in at the last few seconds with your maximum, they won't have time to re-bid and push the price higher.

doesnt ebay automatically re-bid for them up to their max bid?
I assume it can do that in a matter of milliseconds

rbulph

stevew8975 wrote: »

Never heard of, or experienced a bidding frenzy?

If only one person has bid on an item, and you come in at the last few seconds with your maximum, they won't have time to re-bid and push the price higher.

That only applies if that person has failed to bid what they're prepared to pay in the first instance, which doesn't seem that likely to me.

The advantage of bidding in advance is that you don't have to be sure to be at your computer at the time the bidding closes, nor have to worry about some additional software that will automatically place the bid for you at the last minute. The disadvantages to me still seem fairly remote.

rchlbentley

JoeyG wrote: »

doesnt ebay automatically re-bid for them up to their max bid?
I assume it can do that in a matter of milliseconds

Not if the new bid out bids your max price.

rchlbentley

I dont understand why people dont get it.

I wouldnt walk into a house or garage auction and say in front of everyone,

Im willing to £100,000 for that house, you keep quite till last minute, same with ebay, dont advertise how much your willing to pay for something, the seller could easily get someone to outbid you days in advance and know your maximun and then easily retract their bid.

Its simple.

JoeyG

rchlbentley wrote: »

I dont understand why people dont get it.

I wouldnt walk into a house or garage auction and say in front of everyone,

Im willing to £100,000 for that house, you keep quite till last minute, same with ebay, dont advertise how much your willing to pay for something, the seller could easily get someone to outbid you days in advance and know your maximun and then easily retract their bid.

Its simple.

But ebay doesnt ever advertise your maximum bid