Do’s and Dont’s While Buying At An Online Auction

July 16, 2015 News

A lot of people prefer buying accessories from online auctions. However, as a first-time buyer, you need to be cautious so as to be sure that the item you buy is of the best quality. Here are some areas that you need to pay attention to, to make a good buying decision:-

An Estimate is an Indication of Reality

Keep one thing in mind. The estimate that you make is an indication of what an accessory is worth. In case some people want to buy a designer band or piece of jewelry, then its price will go up. However, if fewer people are interested, then you can afford to bargain.

Spend Some Time in Research

Acquire as much information as you can for a used item before you pay for a deal. Don’t hesitate to email an auction house for a few more pictures if you are not convinced with the product quality. Find out where and when the auction item was made. Keep one thing in mind. If you are buying an accessory that has been resold only recently, it will be in a better working condition as compared to the one that is quite old.

Dos and Dont's While Buying At An Online Auction

Plan Your Credit Limits

Before the actual process of bidding starts, plan your limit. Often, people become emotional in the heat of the moment and keep on bidding beyond their capacity. Therefore, plan for the maximum amount that you can afford to spend during bidding.

Find Out whether there is Any Contract to Buy or not

Keep one thing in mind. Before the bidding process ends with the auctioneer hitting the gavel down, it decides the final price and the winner have to abide by the contract to buy.

Verify Extra Charges Involved

Before bidding for an accessory, find out whether you will have to pay for additional charges or not. Usually, auction houses charge somewhere around 15-20% commission apart from the hammer price. Online bidding sites charge 3-5% to use them. In such a situation, you can avoid paying for this charge by opting to bid via phone.

Go for an Absentee Bid

Experts suggest that one of the safest ways to bid for accessories is placed an absentee bid. This will enable the concerned auction house to bid on your behalf. All that you will have to do is to register for the maximum hammer price that you are ready to pay. The auction house will place bids through increments till they reach your credit limit.

Remember Your Deadline

Some auctions run their bidding process for a couple of days, maximizing prices as the sale deadline comes close. You will continue getting email alerts as other people bid higher than you. However, bidding in the last couple of hours could result in you having to buy an overpriced accessory.