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| Use eBay to Research Prices |
Submitted by:
anonymous 05/09/2009 11:50 AM
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When I am in the market for a valuable but used item, very often I will first check ebay to learn the typical price of this item on the secondhand market. I scan the "completed listings" to see what items actually sell for... as opposed to what people hope to sell them for. Usually I will see a fairly predictable price range. I further scrutinize the lowest price items to see if there is any reason why the items sold very cheaply... often it is because the item was imperfect, the shipping price was very high, or the seller had many negative reviews. But within a matter of minutes, I can determine the price range of the item I'm shopping for.
I also note the frequency that this item comes up for sale. If the item is extremely rare, and something I need in a short period of time, this tells me I probably should buy it new but on sale.
I use this price information when I bid on ebay items. If I can wait on the item, I will bid always on the bottom end of this price range (total of sale price plus shipping). I might have to bid on several auctions before I get my item, but I get it at the lowest price.
But I also this information when I shop other places for used items. Because ebay is so easy, it has eliminated regional price variations in easy-to-ship smaller-sized antiques and collectibles, for example. So I check ebay for general price guidelines, before I shop in antique shops and flea markets.
I've also made this work in the reverse direction. Someone donated a large set of 1960s dishes to our fundraiser sale. Though ugly, I knew they were collectible, as I had seen this dish pattern in an area antique shop. So using ebay, I was able to determine the value of the dishes.... if I sold the set piece by piece on ebay, I might have gotten $225 for them. Instead, on behalf of our fundraiser, I took the dishes to that area shop, and negotiated a sale. Upfront I let the dealer know I had researched on ebay, and also that I was selling these for a nonprofit, so we didn't have to haggle long. I sold the dishes for $175, allowing the dealer room to make a slim profit. Without this knowledge, the fundraiser might have happily unloaded these ugly dishes for $10.
(Though not directly related to this general tip, this is an interesting aside: A year or so after this dish sale, I was at a yard sale within an eighth of a mile of this antique shop. The yard sale was selling a set of similar-era dishes, dirt cheap... $20. I knew that antique shop sold this pattern as well. I bought the set, and drove straight to the antique shop. The dealer remembered me. I explained how I had just purchased the dishes, and then I resold the dishes to her for $20. It was my unspoken thank you for her generosity in the prior sale, and she was very pleased.) |
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