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How Can Online Auctions Save Me Money?

Monday, 20 August 2018 | Mike Leano

Online auctions are potentially a great way to save money. However, we use the term "potentially" because the savings aren't guaranteed; you'll have to play your cards right.

So how exactly can online auctions reduce your costs? Here are several ways.

Auctioned products are sold below their market price

Because of the way online auctions work, there's a strong possibility that items there are sold at a discount. Auction sites usually have no minimum sales price, which means products - big and small - are sold far below their market price.

Take ALLBIDS for example. When you check the bid history of our items (including the cars), you'll see that our initial price is always $1. So if you're the only auction-goer and you bid $3, then you spend only $3.

Granted, one bidder hardly ever happens but it can.

Convenience

Online auctions can save buyers and sellers money. Sellers won't have to organise a live auction (e.g. venue rental, marketing will cost money) while buyers won't have to travel (which involves time and transportation costs) to take part in the process.

As long as you have a wireless device that can connect online, you can bid on any product anywhere - whether from the comfort of your own home or office. That's typically cheaper than physically travelling to an auction.

Local is normally cheaper

A couple of location-related factors that can save you money:

  • If an item sold at an online auction isn't imported, then shipping it to the buyer should be cheaper.
  • There's no need for the items to be moved to just one main location. They can be located in several places. The savings in logistics can then be passed on to potential buyers.

Locally auctioned cars, for instance, are usually cheaper. Why? Because their prices aren't increased to offset transport costs, unlike dealership vehicles which charge for importing,

You decide how much you spend


Perhaps the best way auctions can save you money is that you get to decide how much you want to spend. Think about it: the price you pay is entirely up to you, which is unlike retail where stores decide how much a product is sold and you don't really have a choice.

If a product being auctioned has exceeded the amount you're willing to pay for, you can:

  1. Walk away.
  2. Look for the same product in another auction and bid with the price you want.
  3. If you're the top bidder, the product is yours.

Then again, this is only going to work if you decide on your limit and stick to it. Otherwise, you will spend more.

Play it smart

To make the most of your efforts, here are a few tips on how to be more successful at online auctions:

  • Look for misspelled listings. They usually get lower traffic, which means you get fewer competition and lower prices.
  • Try sorting listings by distance. You might be able to find a seller nearby. This would let you claim the item yourself and not have to spend on shipping.
  • Check when the auction ends. Auctions that end during quiet hours could result in fewer competing bids.
  • Look for shorter auctions. Longer ones allow for more bids and higher prices.
  • Pay close attention during the closing minutes. That's when the determined make their final push to win, so expect more bids during this time.
  • Don't limit yourself to online auctions. With a bit of search savvy, you might be able to find the same item at a cheaper price someplace else.

Bid with confidence

ALLBIDS runs thousands of online auctions daily. On each auction, we provide layers of protection, which means you can bid with confidence. So save money and shop securely today at ALLBIDS.

If you're looking to sell your items, you can also use ALLBIDS to maximise your return. Get in touch with us to find out how.