Yep, when you bid on a reserve price, if you bid below the reserve it registers your bid but says "reserve not met". But if you bid over the reserve - say £500 when the reserve's £350 - your bid will register equal to the reserve price of £350. Until someone else bids.
Bidding on a reserve is just a shot in the dark really - if you reckon something's worth £350 but currently standing at £100 with the reserve not met, then try, say, £250. An amount you'd be absolutely happy to pay if you had to.
I say it's worth sounding out reserves because a lot of people have very high reserves, which is dumb because they may receive no bids high enough (if everyone bids late). And having a reserve costs a fortune for the seller in listing fees, because they're based on both the reserve price and the final selling price.
I don't like reserves, as either a buyer or a seller. I think it's better to just set your starting price as the minimum you'd accept, then hope it goes higher. Unless you're brave enough to go the "99p starting price" route, which guarantees some bids but it's too risky for me. :lol:
Thanks philly, great help as usual.
So basically when sounding out the reserve, you could bid pretty low (but higher than the existing bid) several times to try to get close... until you actually either unearth the real reserve price, or the price gets higher than you want to pay.
Correct?
^Ah, I suppose.
Yeah handing it over to Ebay can do no harm really. And if something doesn't feel quite right then no point in taking the risk.
And Dave, you can simply ask the seller what the reserve price is. It says in the ebay FAQ or whatever that there is no problem doing that, and sellers are surprisingly willing to tell you in my experience. :)
P.S. Phil; Cannot emphasise enough how much I agree on the subject of early bidding. It annoys me SO much! :twisted:
thanks sam. i'd thought of that, but presumably there's nothing to stop them telling you a price higher than the actual reserve? then again, if no-one outbids you, you'd get it for the actual reserve price anyway, presumably.
bit late though, i already messaged the dude, don't like to message him again until he answers. :)
thanks guys, i appreciate this. You're definitely helping me a lot so far, i feel now i have a rough idea as to what's going on.
just one last thing (i think!)... suppose the price stays static for several hours (or days)... does this mean no-one has bid higher, or does it mean that someone may have entered a higher price, but it just hasn't shown up yet? do bids always show up, basically? (that made more sense in my head... hopefully you understand what i mean)
:)