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Sales, Swaps, Auction & Approvals/Auction Disc. : The psychology of Buy It Now (BIN)

 

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BobbyBarnhart
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They who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety. -Benjamin Franklin

31 Oct 2014
11:37:34am
As a buyer on the auction board, I frequently find stamps I want with a reasonable starting bid and a BIN price set at slightly more. If I want the stamp, and the BIN is an additional 10% or less increase in the starting bid, I use BIN. At times, however, someone has bid before me, and when I use BIN, I buy the stamp and shut them out of the bidding. What I am having a hard time understanding is, if a minimum bid is, for example, $3.00, and the BIN is $3.25, why would anyone who wanted the stamp enough to bid $3.00 not use BIN to insure success? I can understand if BIN is substantially more than the opening bid, but I really cannot understand the reasoning behind letting someone like me come in, and for a few pennies, steal the stamp you want. Confused

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"The only thing necessary for the triumph of evil is for good men to do nothing. -Edmund Burke"

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michael78651
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Moderator, MT Member

31 Oct 2014
12:03:51pm
re: The psychology of Buy It Now (BIN)

Someone is probably just hoping to save a few pennies, and wishing no one comes along to buy it.

I prefer buy it now, because I don't like waiting for the auctions to close.

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philatelia
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APS #156650

31 Oct 2014
12:22:12pm

Approvals
re: The psychology of Buy It Now (BIN)

You shouldn't feel badly, Bobby. As Michael said, they were probably just hoping to save a bit. I agree that if they had REALLY wanted it, they would have just used the BIN. Possibly, they might not have paid attention to the BIN price, but as my father-in-law says "you snooze, you lose."

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"Some women splurge on designer shoes, I’d rather buy classic covers. ;-)"
philb
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31 Oct 2014
12:25:18pm

Auctions
re: The psychology of Buy It Now (BIN)

There are times i have to jump on a buy it now...but "best offer" is better !

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tuscany4me
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31 Oct 2014
12:44:55pm
re: The psychology of Buy It Now (BIN)

Is it me? Thinking

I breeze through so many listings, I probably miss a great deal (of stuff).

I know some people think that I just kick back and buy stamps all day. I wish I had that kind of time. No offense to SOR, but when I AM on SOR, I am also doing at least two other things at the same time (but usually 3 - 4 different things)...

And not only do I miss a lot, I often end up buying a stamp from a seller that I just bought from a different seller, or even the SAME seller. (But not complaining) that's my own fault for "multitasking."

So, if I'm too busy to notice something, Hey more power to Someone else, YES?

Have a great day all! Yawn

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CapeStampMan
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Mike

31 Oct 2014
01:13:22pm
re: The psychology of Buy It Now (BIN)

I believe that since 99% of our lots sell with only 1 bid, a lot of bidders figure why the heck pay the extra, when I can get it for the first bid. That's their right and privilege, we can't fault them for way they do their buying, everyone does things there own way, just like the way they prefer to collect stamps.
Mike

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fredcdobbs
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APS # 224327

01 Nov 2014
12:08:05am
re: The psychology of Buy It Now (BIN)

I love it when someone bids a $2.99 opening bid with a buy it now for $3.00,or $3.10 etc... if I am interested, it,s mine, I just vaporized that listing.If an item is close to buy it now with no bids, badazzzzzzzzzzzing mine for the taking. Now of course if the opening bid is $2.99 and the buy it now is $29.99,and I have an interest my approach will be different.

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bobstew617
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01 Nov 2014
10:52:27am
re: The psychology of Buy It Now (BIN)

I confess I am one of those who likes to bid on items that have a BIN not too far above the opening bid. As has been said, often one bid takes the item, so why not save a little bit? I was recently "sniped" on a lot here that I bid on, but since I could have easily purchased it outright in the beginning, it was my own fault.

If I continue to lose on items I am bidding on by BIN purchases, I will re-examine my strategy. Until then, I'll probably do what I have been doing. BOB

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Bobstamp
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01 Nov 2014
11:13:05am
re: The psychology of Buy It Now (BIN)

Bobby1948 said, "…if a minimum bid is, for example, $3.00, and the BIN is $3.25, why would anyone who wanted the stamp enough to bid $3.00 not use BIN to insure success?"

Answer: Because some people are, well, cheapskates to a fault? Several years ago, when my stamp club raised its annual membership fee to $10 from $8, a member quit in protest, and we've had members protest similar increases in the fees. Yet the same protestors think nothing of dropping $50 on a few auction lots.

Bob


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cdj1122
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Silence in the face of adversity is the father of complicity and collusion, the first cousins of conspiracy..

01 Nov 2014
11:48:46am
re: The psychology of Buy It Now (BIN)

There have been times when I see an attractive stamp that someone wanted enough to bid on but not enough to spring for a few cents more and I have placed my Buy It Now bid almost out is some mean streak left over from childhood. For some reason it amuses me to "snipe" away a nice stamp. There, I admit it, I smile and even chuckle.

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Author/Postings

They who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety. -Benjamin Franklin
31 Oct 2014
11:37:34am

As a buyer on the auction board, I frequently find stamps I want with a reasonable starting bid and a BIN price set at slightly more. If I want the stamp, and the BIN is an additional 10% or less increase in the starting bid, I use BIN. At times, however, someone has bid before me, and when I use BIN, I buy the stamp and shut them out of the bidding. What I am having a hard time understanding is, if a minimum bid is, for example, $3.00, and the BIN is $3.25, why would anyone who wanted the stamp enough to bid $3.00 not use BIN to insure success? I can understand if BIN is substantially more than the opening bid, but I really cannot understand the reasoning behind letting someone like me come in, and for a few pennies, steal the stamp you want. Confused

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"The only thing necessary for the triumph of evil is for good men to do nothing. -Edmund Burke"

www.bobbybarnhart.ne ...
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michael78651

Moderator, MT Member
31 Oct 2014
12:03:51pm

re: The psychology of Buy It Now (BIN)

Someone is probably just hoping to save a few pennies, and wishing no one comes along to buy it.

I prefer buy it now, because I don't like waiting for the auctions to close.

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1 Member
likes this post.
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"Author: Seasons of Fantasies and Dreams, The Whitechapel Fog"

www.hipstamp.com/sto ...
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philatelia

APS #156650
31 Oct 2014
12:22:12pm

Approvals

re: The psychology of Buy It Now (BIN)

You shouldn't feel badly, Bobby. As Michael said, they were probably just hoping to save a bit. I agree that if they had REALLY wanted it, they would have just used the BIN. Possibly, they might not have paid attention to the BIN price, but as my father-in-law says "you snooze, you lose."

Like
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this post

"Some women splurge on designer shoes, I’d rather buy classic covers. ;-)"
Members Picture
philb

31 Oct 2014
12:25:18pm

Auctions

re: The psychology of Buy It Now (BIN)

There are times i have to jump on a buy it now...but "best offer" is better !

Like
Login to Like
this post

"And every hair is measured like every grain of sand"
Members Picture
tuscany4me

31 Oct 2014
12:44:55pm

re: The psychology of Buy It Now (BIN)

Is it me? Thinking

I breeze through so many listings, I probably miss a great deal (of stuff).

I know some people think that I just kick back and buy stamps all day. I wish I had that kind of time. No offense to SOR, but when I AM on SOR, I am also doing at least two other things at the same time (but usually 3 - 4 different things)...

And not only do I miss a lot, I often end up buying a stamp from a seller that I just bought from a different seller, or even the SAME seller. (But not complaining) that's my own fault for "multitasking."

So, if I'm too busy to notice something, Hey more power to Someone else, YES?

Have a great day all! Yawn

Like
Login to Like
this post
Members Picture
CapeStampMan

Mike
31 Oct 2014
01:13:22pm

re: The psychology of Buy It Now (BIN)

I believe that since 99% of our lots sell with only 1 bid, a lot of bidders figure why the heck pay the extra, when I can get it for the first bid. That's their right and privilege, we can't fault them for way they do their buying, everyone does things there own way, just like the way they prefer to collect stamps.
Mike

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Login to Like
this post

"It's been three years now, since I joined a support group for procrastinators. We haven't met yet..."
Members Picture
fredcdobbs

APS # 224327
01 Nov 2014
12:08:05am

re: The psychology of Buy It Now (BIN)

I love it when someone bids a $2.99 opening bid with a buy it now for $3.00,or $3.10 etc... if I am interested, it,s mine, I just vaporized that listing.If an item is close to buy it now with no bids, badazzzzzzzzzzzing mine for the taking. Now of course if the opening bid is $2.99 and the buy it now is $29.99,and I have an interest my approach will be different.

Like
Login to Like
this post
Members Picture
bobstew617

01 Nov 2014
10:52:27am

re: The psychology of Buy It Now (BIN)

I confess I am one of those who likes to bid on items that have a BIN not too far above the opening bid. As has been said, often one bid takes the item, so why not save a little bit? I was recently "sniped" on a lot here that I bid on, but since I could have easily purchased it outright in the beginning, it was my own fault.

If I continue to lose on items I am bidding on by BIN purchases, I will re-examine my strategy. Until then, I'll probably do what I have been doing. BOB

Like
Login to Like
this post
Members Picture
Bobstamp

01 Nov 2014
11:13:05am

re: The psychology of Buy It Now (BIN)

Bobby1948 said, "…if a minimum bid is, for example, $3.00, and the BIN is $3.25, why would anyone who wanted the stamp enough to bid $3.00 not use BIN to insure success?"

Answer: Because some people are, well, cheapskates to a fault? Several years ago, when my stamp club raised its annual membership fee to $10 from $8, a member quit in protest, and we've had members protest similar increases in the fees. Yet the same protestors think nothing of dropping $50 on a few auction lots.

Bob


Like
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this post

www.ephemeraltreasur ...

Silence in the face of adversity is the father of complicity and collusion, the first cousins of conspiracy..
01 Nov 2014
11:48:46am

re: The psychology of Buy It Now (BIN)

There have been times when I see an attractive stamp that someone wanted enough to bid on but not enough to spring for a few cents more and I have placed my Buy It Now bid almost out is some mean streak left over from childhood. For some reason it amuses me to "snipe" away a nice stamp. There, I admit it, I smile and even chuckle.

Like 
1 Member
likes this post.
Login to Like.

".... You may think you understood what you thought I said, but I'm not sure you realize that what you think you heard is not what I thought I meant. .... "
        

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