How to Buy at an Auction (10 Tips for Success)
Want to hold on to your cash and things for less? Try auctions-- here's how to do it.
Years ago, I attended and participated in live auctions regularly. I still participate in eBay auctions (Many of these tips apply to eBay auctions, but there are other considerations that I will address in a separate, future post). Here are my auction buying success tips:
Good luck!
This post originally appeared on Self-Reliance-Exchange.com, here is the link to the original post: How to Buy at an Auction (10 Tips for Success).
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Related posts:
Does it Still Pay to Be An eBay Seller?
Do You Buy Features or Benefits?
A Simple Approach to Purchase Decisions
Is This Purchase An Investment?
Buying New or Used?
Years ago, I attended and participated in live auctions regularly. I still participate in eBay auctions (Many of these tips apply to eBay auctions, but there are other considerations that I will address in a separate, future post). Here are my auction buying success tips:
- Know values– By knowing values you will not pay too much and you may uncover hidden values
- Use money management– Have a budget and stick to it. Overages or underages on early lots should impact your budget for later lots
- Don’t show too much interest– Think “poker face”. Never give away your position on any one lot
- Carefully bid other people up on lots you don’t want– Kill their budgets. I have done this a few hundred times and never got stuck with a lot I didn’t want. Auctions are a competition
- Remember, only the last bid wins– This is usually not the first bid. Hang back and swoop in at the last moment
- Always try to sit in the back– This allows you to see others bidding, and not be seen bidding by them
- Have fall back lots– If you lose on early lots, be ready to bid on other lots (I used to rank lots as “A”, “B”, and “C”)
- Don’t get caught up in the moment– Getting emotional (excited) can cost you
- Be open to counteroffers– I was sometimes approached at the event by people seeking to buy what I just acquired
- Explore “after auction” purchases– Sometimes the auctioneer will let you buy unsold lots at the opening bid (No competition is nice)
Good luck!
This post originally appeared on Self-Reliance-Exchange.com, here is the link to the original post: How to Buy at an Auction (10 Tips for Success).
Related posts:
Does it Still Pay to Be An eBay Seller?
Do You Buy Features or Benefits?
A Simple Approach to Purchase Decisions
Is This Purchase An Investment?
Buying New or Used?
Posted by DDFD at 12/22/2009 7:52 AM 
Categories: Money Savers, Frugality
Tags: Money Savers How to ideas Auction Buying Tips Tips Tricks Techniques Frugal Frugality
Categories: Money Savers, Frugality
Tags: Money Savers How to ideas Auction Buying Tips Tips Tricks Techniques Frugal Frugality
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