OT: Divulge the reserve on ebay if asked?

[cassie]

My dad has relisted a boat on eBay. The reserve and "Buy it Now" price are the same. Getting lots of hits and bids are about 1/3 the reserve with 6 days to go. The price is around $11K.

Would you divulge the reserve if asked in a "Ask seller a question" email?

Thanks

[Racer X]

If there is that much interest with 6 days left, I'd say let it ride.

What kind of boat?

[troywellbuilt]

ignore

[The Grim Ninja]

What is the point of a reserve that high? What incentive is there for someone to bid?

Bidding is a competition with a goal to try to get an item cheaper than buying outright. I think revealing your reserve would just turn people completely off from bidding.

[olnacl]

I'd be interested in the kind of response your dad is getting to his eBay listing. I have a sailboat in the Bahamas that's become an albatross as I haven't been able to get over there in the past three years. Upkeep and mooring fees are eating me up. It's time to bite the bullet and let her go.

[TLB]

Rightly or wrongly, I usually have the mindset that there is at least a 5-10% difference between the buy it now and the reserve. Part of the auction "game" to me is to maximize the amount of the delta in my favor. If there is no difference I probably wouldn't participate unless it was something I really needed or the BIN was a steal. Bottom line, if the reserve is the same asn the BIN, don't tell me.

[cassie]

My dad ran the boat back in January realizing that it was a soft market for most of the country at that time. But, he hoped he would get a bite. It was listed below NADA's lowest guesstimate as it is now. At that time bids reached 2/3's the reserve with 2600 hits on the auction.

Obviously, the market is much stronger now. Since Sunday there have been over 1100 hits and several emails.

The reason the reserve is the same as the "Buy it now" is because he doesn't want it to go for less than the "Buy it now."

We all want a bargain and hope to "steal" an item on ebay. And, most people believe it's possible. My experience is that much of the time, this is not always the case. Many people can actually do better by making an outright purchase elsewhere rather than a "win" on ebay because of over bidding. Too many people get caught up in the bidding rather than the value.

As for reserve auctions. Reserves in auctions have been around as long as auctions. It is a legitimate way to insure you don't have to give away an item just because someone has a low bid.

To not bid on an auction simply because there is a reserve is one's personal choice. However, that person may miss out on a potential good buy even though the reserve is there.

[Racer X]

"Many people can actually do better by making an outright purchase elsewhere rather than a "win" on ebay because of over bidding. Too many people get caught up in the bidding rather than the value. "

amen!

It never ceases to amaze me that people will pay more for a used whatever, than what they can get it new with a warranty for.

[macbeergeek]

Personally, I see no reason not to divulge the reserve price, and even list it in the auction description. Why the secrecy? Divulging the reserve will immediately eliminate the people who are not serious or who are hoping to get that "steal" for like half of what the BIN price is. If and when we use a reserve with a BIN, we usually make the BIN price higher for the people who just can't wait. The again, I've never sold an item that large or with such a high price tag.

[incognegro]

[quote macbeergeek]Personally, I see no reason not to divulge the reserve price, and even list it in the auction description. Why the secrecy? Divulging the reserve will immediately eliminate the people who are not serious or who are hoping to get that "steal" for like half of what the BIN price is. If and when we use a reserve with a BIN, we usually make the BIN price higher for the people who just can't wait. The again, I've never sold an item that large or with such a high price tag.
I agree with this, and it's what I do also.

I don't like to play "guess the reserve" when I bid, and I'm guessing my buyers don't either.

BIN is best used as a premium to get a bit more than it's probably worth, for people who don't want to play the bidding game.